The 104-unit Heritage Square Apartments in Puyallup has sold for $25 million, or about $240,400 per unit. The property is made up of four-unit buildings with 1,100-square-foot two-bedroom homes listed at $1,950 a month.

The sale closed while developers across Puget Sound shelve projects and shrink the approved pipeline to 12,931 units.

Four years after Security Properties and Oaktree paid $70 million at the...