Philip Assouad, IPA executive managing director investments, said both properties have been owned and professionally managed since completion by the original developer, a private family.
The properties are located on over 18 acres at 3000 Cardinal Drive Northwest, adjacent to the 1,000-acre Evergreen Trail System. Major employers in Olympia include the State of Washington, Providence Health & Services, Walmart, and Deloitte.
Evergreen Garden Apartments was built in 1973 and has 18 two-story residential buildings. Rock Maple Village was completed in 2004 and has 10 two-story residential buildings and eight four-plex townhome buildings.
Assouad said the acquisition gives the buyer two multifamily assets with stable operations, steadily maintained occupancy, low bad debt, limited concessions and the opportunity to increase efficiency and implement upgrades to fuel revenue growth.
What would you pay per unit for a property with that kind of upside?