Crescent Point, a 62-unit apartment community in Olympia, WA has traded for $21.25 million ($342K per unit), according to Ryan Kidwell of The Mogharebi Group who represented the buyer in the off-market transaction.
Located at 5600 Dunham Drive, Crescent Point was built in 2020 by the seller, a local partnership. The three-story community features a mix of one-, two- and three-bedroom floorplans, each with nine-foot vaulted ceilings, granite countertops, den or study, carpeted and hardwood floors, walk-in-closets and in unit-washer and dryer.
Our buyer was attracted to the property for the quality of the build and its proximity to Yelm Highway, the area’s major east/west arterial, which provides a simple commute to the approximately 150,000 jobs in Thurston County. It is also within 30 minutes of Joint Base Lewis-McChord, one of the largest military bases in the United States. With a population of 209,000, it is the 4th largest military base in the world. The community is also within a five-mile drive from more than one million square feet of shopping space including major retailers Costco, Home Depot, Lowes, and Walmart.
"Crescent Point presented the buyer with an opportunity to replace a recently sold 56-unit apartment community in Vancouver, WA in a 1031 Exchange transaction,” said Kidwell. “We were able to identify Crescent Point as our client’s replacement property in less than a month. 1031 Exchanges can be very complex and come with very stringent timelines making it a difficult process to complete. The seller, with whom we’ve had a previous relationship, was very cooperative which contributed to the success of this seamless transaction.”
Crescent Point is the first investment in Thurston County for the buyer, a San Francisco-based multifamily investment company whose portfolio includes assets in Washington, Oregon and Idaho.
Crescent Point was 100 percent leased at closing.