A Look at Tamarack’s Current Multifamily Strategy in the Tri-Cities | Feb 2026

Our team is deep in the mix across several multifamily opportunities in the Tri-Cities—and for the first time, we’re pursuing ground-up development alongside value-add acquisitions.

Here’s a closer look at what we’re working on, what we passed on, and what we’re watching closely.

New Territory: Class A Development

We’re actively engaged in two early-phase development opportunities in the Tri-Cities—one in Richland, and one in Pasco, WA. Both represent Tamarack’s entrance into Class A development, with the potential to deliver high-quality product in high-demand submarkets.

These are sizable projects, and while development carries its own risks, it also gives us the chance to shape the product, control cost basis from the start, and deliver housing that meets the evolving expectations of renters in the region.

We’re working closely with land sellers, city officials, and design consultants as we evaluate feasibility, capital stack structure, and timing.

A Deal We Didn’t Win—And Why That’s Okay

We also recently made a strong offer on a 1970s-vintage multifamily property in Richland, WA—an aging but well-maintained asset that could’ve fit our value-add criteria.

But despite our best effort, the deal didn’t come together. The reason? Pricing expectations that didn’t align with current market fundamentals.

We’re seeing some sellers still anchored to 2022-era cap rates, despite the clear shift in interest rates and buyer risk profiles. In this case, our offer didn’t align with the seller’s expectations, and the property ultimately went under contract with another buyer. That outcome highlights a reality of this market: different buyers underwrite different assumptions. As a value-add sponsor, we need to demonstrate future value and risk-adjusted returns to our investors—which means we only move forward when the numbers support both.

What’s Next: Class B Value-Add in Kennewick

Our acquisition team is now evaluating a Class B, value-add deal in Kennewick that shows early promise. The asset is well-located with operational upside—but again, our initial underwriting suggests the seller’s valuation may be out of sync with today’s environment.

We’re stress-testing the assumptions now, and will only proceed if the numbers and fundamentals justify the investment.

Final Thought

Our pipeline reflects where Tamarack is headed: thoughtful expansion, new development optionality, and continued discipline in underwriting.

Whether it’s Class A ground-up or Class B value-add, our commitment remains the same—only bring forward deals where investor alignment, return potential, and risk management are in balance.

Sometimes that means closing a deal. Sometimes it means walking away. Either way, we’re guided by the same principle: protect investor capital first, and the rest follows.