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7/01/22
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Crescent Point, a 62-unit apartment community in Olympia, WA has traded for $21.25 mil ($342k/unit). Located at 5600 Dunham Drive, Crescent Point was built in 2020 by the seller, a local partnership.
The three-story community features a mix of one-, two- and three-bedroom floorplans, each with nine-foot vaulted ceilings, granite countertops, den or study, carpeted and hardwood floors, walk-in-closets and in unit-washer and dryer. Crescent Point was 100% leased at closing.
Crescent Point is located near Yelm Hwy, the area’s major east/west arterial, which provides a simple commute to the approximately 150,000 jobs in Thurston County. It is also within 30 minutes of Joint Base Lewis-McChord, one of the largest military bases in the United States. With a population of 209,000, it is the fourth largest military base in the world. The community is also within a five-mile drive from more than 1 msf of shopping space including major retailers Costco, Home Depot, Lowes, and Walmart.
Ryan Kidwell of The Mogharebi Group who represented the buyer in the off-market transaction. Crescent Point is the first investment in Thurston County for the buyer, a San Francisco-based multifamily investment company whose portfolio includes assets in Washington, Oregon and Idaho.
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