Home Finance 62-Unit Multifamily Asset in Olympia Sells for $21.25MM

62-Unit Multifamily Asset in Olympia Sells for $21.25MM

Crescent Point, Mogharebi Group, Olympia

COSTA MESA, CA –The Mogharebi Group has arranged the sale of Crescent Point, a 62-unit apartment community in Olympia, WA. Crescent Point sold for a total of $21.25 Million, equating to $342K per unit or $337 per square foot with an in-place 4.4% cap. Ryan Kidwell of The Mogharebi Group represented the buyer in this off-market transaction. 

Recently built in 2020, Crescent Point is a 3-story, 62-unit apartment community comprised of large one-, two-, and three-bedroom floorplans located on 5600 Dunham Dr, Olympia, WA. The property features beautiful landscaping, a serene residential setting, and all units are air conditioned. Crescent Point is situated within 30 minutes of Joint Base Lewis-McChord, one of the largest military bases in the United States with a population of 209,000 in total, making it the 4th largest military base in the world. 

“Crescent Point presented the buyer with an opportunity to acquire a newly constructed asset and fit their 1031 exchange needs well. Both the seller and buyer were repeat clients helping to make it a smooth transaction,” said Ryan Kidwell, Senior Vice President of The Mogharebi Group. 

“Our proprietary platform was a key factor in facilitating the sale of Crescent Point, and our vast network of high-net-worth investors allows us to pair seller and buyer goals seamlessly,” Kidwell added.

Historically, Olympia, Washington’s capital, has been ranked as the #1 most affordable city in Washington State, a beautiful area for renters looking for a budget-friendly location. Seafood enthusiasts flock here for the restaurants dotting the waterfront with fishing and boating opportunities in nearby Puget Sound. Olympia boasts a growing arts community that frequently partners with city officials to work on murals and set up art galleries. Mt. Rainer is just over an hour away by car and can even be seen from the capital on clear days.

About The Mogharebi Group

The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout the Western US, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory.