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Vital Housing Acquires 211-Unit Courtside Apartments From Hamilton Zanze For $31.75M In Olympia
SOLD
$31,750,000
Washington
See Similar DealsMultiFamily
Sold 04/23/2025
SOLD
Vital Housing Acquires 211-Unit Courtside Apartments From Hamilton Zanze For $31.75M In Olympia
515 Courtside Street Southwest
See Similar DealsMultiFamily
Sold 04/23/2025
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale
The property asset involved in the transaction is the 211-unit Courtside Apartments located at 515 Courtside Street Southwest in Olympia, WA. The sale was completed for a total price of $31,750,000, which equates to approximately $150,474 per unit.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $31,750,000
- Units: 211
- Price Per Unit: $150,474
- Buyer: Vital Housing
- Seller: Hamilton Zanze
- Broker: Kidder Matthews
Vital Housing acquired the property from Hamilton Zanze, with the transaction facilitated by the brokerage firm, Kidder Matthews. This acquisition demonstrates the active involvement of Vital Housing in expanding their multifamily portfolio within the Olympia market.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$112,801.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$150,511.20
Annual Debt Service$1,806,134.38
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