Seattle, WA- Thayer Manca Residential (TMR) has purchased Woodbury Apartments, their newest multifamily property in Olympia, WA. TMR purchased the 127-unit property for $38,500,000 (around $303,150 per unit).
With a $2.3 million renovation budget, the repositioning plan includes a full redesign of the clubhouse, fitness center, pool area and sport court, as well as a dynamic marketing rebrand. Significant high-end apartment interior renovations are planned for all 127 units.
Woodbury Apartments is currently the third property in the South Puget Sound region for TMR. TMR acquired the 189-unit Callen Apartments in Lacey (4.5 miles east of Olympia) in 2018 and the 231-unit Citizen & Oake Apartments in Lakewood (22 miles northeast of Olympia) in 2016.
“Woodbury presents a classic value-add opportunity, allowing us to leverage our knowledge and past success in the South Puget Sound market. We are excited to add this asset to our Washington portfolio,” says Joe Manca, Principal at TMR.
Woodbury is ideally located in a premier suburban neighborhood in East Olympia. Residents’ benefits from quick access to highways and major employers of the South Puget Sound, including the State of Washington Capitol Campus, Providence St. Peter Hospital, Capital Medical Center and Joint Base Lewis-McChord, one of the largest employers in the state. Another draw is a planned, 86.25-acre, community park that will be developed directly across the street from the community. Upon completion, the park will feature multiple playfields, a dog park, walking trails, pickleball courts and children’s play areas.
Woodbury Apartments is located at 3425 Polo Club Ln SE, Olympia, WA.
About Thayer Manca Residential LLC
Based in Seattle, Washington, Thayer Manca Residential LLC (TMR) is a sponsor of partnership, multifamily investments specializing in value-add opportunities. TMR is driven by a commitment to protect and grow investor capital while delivering safe, clean and inspired homes to the market at highly competitive rental rates. Disciplined business practices, conservative investment parameters and a hands-on asset management style, have produced outstanding returns for investors.
During the company’s 41 years of operation, TMR has closed more than a billion dollars of partnership, multifamily transactions, generating outstanding cash flow and capital gain profits for investors. The company is proud of its 41-year track record without a single capital loss.