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1309 Fern Street Southwest

Glencrest Group Acquires Fern Ridge Multifamily In Olympia, WA For $16.94M
SOLDMultiFamily

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

GG
Glencrest GroupBuyer

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