Thayer Manca Residential (TMR) has purchased Woodbury Apartments, their newest multifamily property in Olympia, Washington. TMR purchased the 127-unit property for $38,500,000.
With a $2.3m 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, Washington.