(Editor’s Note: The purchase price was approximately $171,111 per unit.)
SEATTLE Nov. 17, 2023 – Leading commercial real estate services firm Colliers is pleased to announce the successful sale of the Fern Ridge apartment complex located at 1309 Fern Street SW. Constructed in 1994, Fern Ridge is a well-established, 99-unit property that consists of one-, two- and three-bedroom layouts, averaging around 775 square feet per unit.
The Colliers PNW team, consisting of Casey Winkler, Sean Worl and Ken Verbeck represented both the seller, Transpacific Investments, and the buyer, Glencrest Group.
“Fern Ridge is a well-constructed and centrally located community that offers substantial housing options for those residing in the central Olympia submarket,” said Worl. “This transaction represents a resurgence of compelling value-add multifamily investment opportunities amid capital market volatility and rising interest rates.”
Fern Ridge conveniently places its residents near a variety of shopping, dining and entertainment destinations like the Capital Mall, Capital Theatre, Hands on Children’s Museum, Olympia Farmers Market, Ellis Cove Trail and Priest Point Park. The property is also located within a ten-minute drive from the Washington State Capitol Building.
“We’re excited to add Fern Ridge to our growing Generations portfolio, which is designed to offer investors long-term, direct ownership in high-quality, strategically positioned apartment communities,” said Michael Bergelson, managing partner for Glencrest Group. “Our confidence in Olympia’s growth-potential, paired with the property’s tranquil setting and durable infrastructure, make it an excellent choice for those seeking a superior living experience in this region.”
With clear amenity and unit finish improvement opportunities, Fern Ridge is well-equipped to offer affordably priced workforce housing options to residents who choose to work, live, learn and play in Olympia for years to come.
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people.
About Glencrest Group
Glencrest Group was formed in 2019 by John Adair and Mike Bergelson to provide the next generation of multifamily investment opportunity. It focuses exclusively on purchasing existing apartment communities with above-average yield and appreciation potential. Glencrest’s founding team combines decades of leadership in the real estate and technology industries. Before Glencrest, John was the Principal in charge of capital transactions for Prime Residential, where he acquired, sold and financed more than 35,000 multifamily units, developing a reputation for generating alpha via creative and decisive deal making. Prior to Glencrest, Mike founded and led three successful technology companies focused on improving consumer and employee experience at scale leveraging large data sets and process automation.