Home Finance Glencrest Group Buys 300-Unit Multifamily Community in Pasco for $65MM

Glencrest Group Buys 300-Unit Multifamily Community in Pasco for $65MM

The Crossings at Chapel Hill, Tri-Cities, Glencrest Group, CBRE, Pasco, Broadmoor

(Editor’s Note: The sales price was $65 million, or about $216,666 per unit, according to Franklin County public records. The seller was an entity affiliated with Investors Capital Group, a multifamily investment company based in Seattle.)

Pasco, Wash. – July 31, 2023 – CBRE has facilitated the sale of The Crossings at Chapel Hill, a 300-unit multifamily community in the Tri-Cities, to Glencrest Group for an undisclosed amount.

CBRE’s Phil Oester, Josh McDonald and Joe Nydahl represented the undisclosed seller in the transaction.

Located at 6626 Chapel Hill Boulevard, the property was constructed in two phases in 2016 and 2012. It spans 13, three-story residential buildings with one-, two- and three-bedroom floor plans. The community features the largest apartments in the Tri-Cities, with one-bedroom floorplans averaging 950 square feet and an overall average unit size of 1,172 square feet. The property includes a mix of classic and renovated units with oversized layouts, walk-in closets, full-size washers and dryers, and private patios or balconies. Select units include vaulted ceilings, panoramic views, double-sink vanities and gas fireplaces.

The community features a wide range of amenities, including a resident lounge, cybercafé, billiards room, 24-hour fitness center with playroom, pet station, and playground. The property has the largest outdoor pool among apartments in the Tri-Cities along with a year-round jacuzzi. It also includes 607 parking spots, including carports and garages, as well as on-site storage units.

“Pasco’s rapid population growth, attractive demographics and growing demand for rental housing made this a strong investment and successful exit for the seller,” said CBRE’s Oester. “Moreover, The Crossing’s central location and proximity to nearby major retail centers, recreation areas and colleges position it well to provide residents with well-located, high-quality housing. These fundamentals stand to bolster demand for the buyer in the years to come.”

“Glencrest is excited to celebrate our entry into the burgeoning Tri-Cities market with the acquisition of The Crossings at Chapel Hill, which is a perfect fit for our Generations investment program,” said John Adair, Managing Partner of Glencrest Group. “We look forward to delivering a great experience to our residents and being part of the Tri-Cities apartment community for many years to come. Thank you to the CBRE team for another successful transaction.”

The community sits on 13.47 acres just three minutes south of Interstate 182 and is situated amid major economic activity in Pasco. It’s approximately nine miles west of Amazon’s two new fulfillment centers that the company announced would create 1,500 local jobs. It’s also three miles west of the Broadmoor district, a master-planned, mixed-use community comprising 1,240 acres under development.