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September 19, 2020
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Glencrest Group Buys 72-Unit Res Community in Washington


San Francisco-based Glencrest Group has closed on the acquisition of a multifamily community in the state of Washington. The firm purchased Briggs Village Apartments, a 72-unit, new construction multifamily property located at 4225 Briggs Drive SE in Olympia.

Built in 2019, Briggs Village Apartments is a six-building, midrise apartment community with a mix of one-, two- and three-bedroom units featuring high ceilings, modern appliances, and balconies or patios with storage. Property amenities include covered parking, a playground, park, basketball court and close proximity to one of two YMCAs in the Olympia area, offering residents comprehensive physical fitness and childcare options.

Briggs Village apartments is part of a 137-acre master-planned community and is two miles from downtown Olympia and a short commute to Joint Base Lewis-McChord, the fourth largest employer in the state of Washington. The community also benefits from proximity to the Seattle technology ecosystem anchored by multiple tech giants.

The purchase was financed with a $12.81 mil Freddie Mac acquisition loan arranged by Andrew Behrens with CBRE Capital Markets’ Debt & Structured Finance. The loan is for 10 years, interest-only, at a 3.04% fixed rate. In the purchase, CBRE’s Jay Timpani, Mitchell Belcher and Steven Chattin represented the seller, Briggs Apartments LLC.

“Briggs Village Apartments is an excellent fit for our Generations program – designed around long-term ownership of attractive multifamily communities – because of its quality construction and location.” said John Adair, Managing Partner, Glencrest Group.

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