Thayer Manca Residential Sells Renovated Washington Property for $60M
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September 8, 2021
Thayer Manca Residential Sells Renovated Washington Property for $60M
Seattle, WA – Thayer Manca Residential (TMR) has sold their latest multifamily property in Lakewood, WA, Citizen & Oake, for $60,000,000. The Seattle-based investment firm acquired the 231-unit apartment community in August 2016 for $32,950,000 and completed $4,800,000 in renovations.
Citizen & Oake presents an impressive 5,000+ square foot clubhouse including a state-of-the-art fitness center, refreshed office space, community kitchen, expansive game room and lounge, outdoor grills and firepits. The renovation also includes a secure package locker room, new pet park and 40 Itek Energy Solar Panels on the property. Interior renovations were completed in 227 units as well as a full rebranding of the community.
“We are very happy for our investors to have come full circle on this remarkable transformation,” says Joe Manca, Principal at TMR. “We’d like to extend a thank you to Greystar, Berkadia and especially our on-site team for executing on such a comprehensive repositioning.”
TMR currently owns two other properties in the South Puget Sound region: the 189-unit Callen Apartments in Lacey, WA, purchased in 2018 and the 127-unit Woodbury Apartments in Olympia, WA, purchased in 2021.
Citizen & Oake is located at 5406 82nd St SW, Lakewood, WA.
About Thayer Manca Residential LLC
Based in Seattle, Washington, Thayer Manca Residential LLC (TMR) is a sponsor of partnership, multifamily investments specializing in value-add opportunities. TMR is driven by a commitment to protect and grow investor capital while delivering safe, clean and inspired homes to the market at highly competitive rental rates. Disciplined business practices, conservative investment parameters and a hands-on asset management style, have produced outstanding returns for investors.
During the company’s 41 years of operation, TMR has closed more than a billion dollars of partnership, multifamily transactions, generating outstanding cash flow and capital gain profits for investors. The company is proud of its 41-year track record without a single capital loss.
Media Contact:
Jenna Kehrt
media@thayermanca.com