Seattle-based Thayer Manca Residential (TMR) announced earlier this month the acquisition of the Woodbury Apartments in Olympia, marking the third property in the South Puget Sound region for TMR.
According to TMR, it acquired the 127-unit property for $38.5 million. It plans to invest $2.3 million in renovations, which include a full redesign of the clubhouse, fitness center, pool area and sport court, as well as a marketing rebrand. Significant interior renovations also are planned for all 127 units.
“Woodbury presents a classic value-add opportunity, allowing us to leverage our knowledge and past success in the South Puget Sound market. We are excited to add this asset to our Washington portfolio,” said Joe Manca, principal at TMR, in a prepared statement.
In addition to Woodbury Apartments, TMR acquired the 189-unit Callen Apartments in Lacey in 2018, and the 231-unit Citizen & Oake Apartments in Lakewood in 2016.