Full Occupancy, Larger Floor Plans Help Drive Chambers Reserve’s $25.5M in Acquisition Financing

Features October 23, 2026| | Amy Wolff Sorter
Robert Spiro, courtesy of Northmarq

Northmarq arranged a $25.5 million acquisition loan for Chambers Reserve, a 125-unit rental townhome community in Lacey, WA. According to Robert Spiro, who co-led Northmarq’s Debt + Equity team in the transaction, 100% occupancy and a differentiated housing product helped attract interest from multiple financing sources, including agency lenders and life insurance companies.

“It is a newer-vintage, fully leased, purpose-built rental community with strong in-place cash flow,” Spiro told ApartmentBuildings.com. “For lenders, newer construction also means minimal near-term capital needs.”

Working with Northmarq’s Ben Biggers, Spiro and the team secured a Freddie Mac permanent, fixed-rate seven-year term loan for the unnamed borrower after running a competitive process to ensure the best execution for the borrower.

“Freddie Mac was the overall best fit,” Spiro said. “Freddie has also been sharpening its credit spreads as it works toward its annual volume goal of $88 billion.”

He added that the financing provided the borrower with long-term rate certainty and predictable debt service on a stable asset. “This suits an investor underwriting steady, durable cash flow from a long-tenured renter base,” Spiro observed.

That renter base consists of larger households and renters requiring more space and privacy without resorting to homeownership. Spiro said that such residents tend to be at a more settled stage of life, which supports longer tenure and stable occupancy compared with a typical garden-style property.

Additionally, longer tenures mean less turnover, reducing the costs of acquiring new renters while supporting stable net operating income

Spiro explained that demand for purpose-built townhome rentals tends to be high in Sun Belt markets, where there is ample land and demographics that support it.

However, “there is real opportunity for the product in higher-barrier, geographically constrained markets like the Northwest, where supply is limited and family-sized rentals are scarce,” he said.

Lacey is such a market; it’s also accessible to Interstate 5, is close to Olympia’s employment base, and is within reach of Tacoma and the broader Puget Sound.

Chambers Reserve at 3725 Wildspitz Lane NE has three- and four-bedroom units averaging 1,736 square feet and monthly rents between $2,750 and $3,050. Community amenities include a fitness center, a seasonal pool, jogging and walking trails, and a clubhouse. Each unit comes with an attached two-car garage and a private deck.

Photo: Chambers Reserve, Courtesy of Northmarq

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