Glencrest Group has recently acquired Meadowscape Apartments in Lacey, Washington for a total of $40.86 million. The community, located at 7641 3rd Way SE, is a newly constructed property that was completed earlier this year.
Featuring 177 units with various layouts including studio, one-bedroom and two-bedroom options, the apartments boast high ceilings and modern finishes. Each unit also includes in-unit laundry facilities as well as private patios or balconies. At the time of purchase, Meadowscape was already over half leased.
The acquisition of Meadowscape came about through the bankruptcy proceedings of Harbor Custom Development Inc., based in Tacoma. This serves as an example of how challenges within the apartment industry are being resolved.
John Adair, Managing Partner at Glencrest Group expressed his excitement about adding Meadowscape to their portfolio and providing a positive outcome for the bankrupt seller’s estate: “We own three other multifamily communities within eight miles and remain enthusiastic about the prospects for the apartment industry in this part of Puget Sound region.”
This news was originally reported by Connect CRE.
