The incident unfolded at about 3:40 a.m. Sunday at a home in the 2000 block of South 29th Street.
Witnesses at the party said an unknown man showed up and got into an argument with the resident who lives at the home.
At some point, the stranger pulled out a gun and fired a shot into the ground. He then pointed the gun at the resident and fired several shots into him.
The gunman then fled the scene in a light-colored SUV.
Police and medics arrived soon afterward. The victim was rushed to Tacoma General Hospital, where he died of multiple gunshot wounds.
Detectives are working on a description of the suspect as they actively investigate the deadly shooting.