FPA Multifamily Acquires Evergreen Garden Apartments And Rock Maple Village For $43.7M In Olympia

The transaction involves the sale of two multifamily assets located at 3000 Cardinal Drive Northwest and 3138 Overhulse Road Northwest in Olympia, Washington. The properties, which consist of Evergreen Garden Apartments with 170 units and Rock Maple Village Townhomes with 113 units, were sold for a total of $43,700,000. The price per unit is calculated at $154,417, making it a strategic acquisition in the multifamily sector.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $43,700,000
• Units: 283
• Price Per Unit: $154,417
• Buyer: FPA Multifamily
• Seller: Bender Equities
• Brokers: Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero & Anthony Palladino - Institutional Property Advisors

Institutional Property Advisors (IPA) played a crucial role in facilitating this transaction, brokered between FPA Multifamily as the buyer and Bender Equities as the seller. The deal for the multifamily properties aligns with the growing demand in the Olympia market, positioning both parties strategically within the sector.