Thayer Manca Residential (TMR) has acquired Roosevelt Ridge, a 75-unit rental property located in the Pinehurst neighborhood of Seattle. This is TMR’s sixth asset in their rapidly growing Washington portfolio, which also includes Capitol Heights (115 units), Etta (80 units), Big Trout Lodge (297 units), Woodbury Apartments (127 units) and Callan Apartments(189units).
Principal Molly Santucci expressed her enthusiasm for this acquisition given today’s unique market conditions. She stated that they are eager to leverage their team’s expertise and strategic vision to enhance the community for its residents.
TMR will execute a comprehensive value-add repositioning strategy at the property with a renovation budget of $4.5 million dedicated to exterior and mechanical improvements. Additionally, Roosevelt Ridge benefits from easy access to major roads and public transportation options such as Link light rail stations at Northgate & NE 130th St., as well as proximity to Northgate Station redevelopment signifying job growth & amenities in near future .
