Glencrest Group Acquires Fern Ridge Multifamily In Olympia, WA For $16.94M
1309 Fern Street Southwest
$16,940,000
Units
99
Asset Type
MultiFamily
Closing
Nov 22, 2023
AI
Glencrest Group has acquired Fern Ridge, a 99-unit apartment property located at 1309 Fern Street Southwest in Olympia, Washington. The property was sold by Stan Kleweno of Transpacific Investments for a total price of $16.94 million, which equates to $171,111 per unit.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,940,000
- Units: 99
- Price Per Unit: $171,111
Mike Bergelson, representing Glencrest Group, and Stan Kleweno, representing Transpacific Investments, were the key individuals involved in the deal. The transaction was facilitated by broker Colliers.
Players
Olympia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93