Glencrest Acquires Washington State Community for $41M
Glencrest Group has acquired the property.
Glencrest Group has acquired Meadowscape Apartments, a 177-unit multifamily property in Lacey, Wash., for $40.9 million. The property traded as part of the bankruptcy proceedings of the previous owner, Tacoma-based Harbor Custom Development.
The Class B community broke ground in September 2021 and came online earlier this year. The developer financed the construction with a $39 million note originated by Buchanan Street Partners in 2022, according to Yardi Matrix information.
The garden-style property consists of 10 three-story buildings and was more than 50 percent leased at the time of sale. The unit mix consists of studio, one- and two-bedroom layouts ranging from 450 to 1,122 square feet. Apartments also feature private balconies or patios, washers and dryers.
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Common-area amenities at the more than 8-acre property comprise a fitness center, clubhouse, business center, playground, heated swimming pool with deck, entertainment lounge with recreational games and dog run. The community also has a barbecue area with a gazebo, as well as two courtyards and about 320 parking spaces.
The property is at 7635 3rd Way SE, close to a host of dining and retail destinations, including the Freedom Point Plaza shopping center. Downtown Tacoma is some 25 miles away, while Seattle–Tacoma International Airport is less than 47 miles northeast.
At the end of last year, Harbor Custom Development filed for protection under Chapter 11 of the United States Bankruptcy Code in the Western District of Washington at Tacoma. The Company has submitted standard first-day motions to the Bankruptcy Court to maintain regular operations while preparing a reorganization plan.
Glencrest’s multifamily portfolio
Glencrest Group’s multifamily portfolio currently consists of 17 assets totaling more than 2,210 apartments. The company owns properties across four states, such as Washington, California, Oregon and Minnesota.
Last year, the firm acquired a 168-unit community in Portland, Ore., for $26.9 million. Dubbed Meadowland Apartments, the asset was previously owned by NBP Capital and came online in 1991.
