FPA Buys 2 Washington Communities For $44M
The transaction marks the first change of ownership for both properties.
FPA Multifamily has acquired the 170-unit Evergreen Garden Apartments and the 113-unit Rock Maple Village Townhomes in Olympia, Wash. The pair of communities traded for a combined $43.7 million, or $154,417 per unit.
Institutional Property Advisors, a division of Marcus & Millichap, arranged the deal on behalf of the seller, Bender Equities, and procured the buyer.
The original developer owned and managed both properties up until the sale. They have since been rebranded as ReNew Evergreen and ReNew Rock Maple.
Located at 3138 Overhulse Road NW and 3000 Cardinal Drive NW, ReNew Evergreen and ReNew Maple Rock opened in 1973 and 2004, respectively. Close to U.S. Route 101 and Interstate 5, the communities have easy access to Evergreen Beach Trail and Capital Mall. Downtown Olympia is roughly 7 miles southeast.
Two Washington communities
ReNew Evergreen comprises 18 two-story buildings on some 9 acres. It has one- to three-bedroom floorplans ranging from 525 to 1,000 square feet. Shared amenities at the wheelchair-friendly community include a stand-alone clubhouse, open park area, basketball court, playground, covered barbecue and picnic area. In addition, the property features laundry facilities and some 200 parking spaces.
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Meanwhile, Evergreen Rock Maple Village comprises 10 two-story structures and eight four-plex townhomes on nearly 13 acres. The community has one- to two-bedroom units, with floorplans ranging from 658 to 1,200 square feet.
All apartments include washers/dryers, while the townhomes have direct-access garages and private driveways. Amenities include a fitness center, playground, picnic area, basketball court, open green lawn, clubhouse and some 170 parking spaces. The community is smoke-free.
Both communities are pet-friendly. Trinity Property Consultants oversees management. Institutional Property Advisors Executive Managing Directors Philip Assouad and Giovanni Napoli, Senior Directors Ryan Harmon and Anthony Palladino and Director Nick Ruggiero comprised the team working on this sale.
Notable Puget Sound multifamily deals
The sales of ReNew Evergreen and ReNew Rock Maple add to recent multifamily investment activity in Thurston County. In September, Chambers Reserve, a 125-unit townhome community, traded for $53 million, or $424,000 per unit.
Elsewhere in the Puget Sound region, multifamily transactions across King, Pierce and Snohomish counties recorded nearly $1.3 billion across 126 properties in the first half of this year, Lee & Associates’ fall investment review shows. Among the communities that traded were the 222-unit Terra @ Monroe in Monroe, Wash., and Elara at The Market, a 150-unit apartment community in downtown Seattle. The properties sold for $66.5 million and $60.9 million, respectively.
