Kinwood Townhomes in Lacey Sell to Glencrest Group
Colliers brokered the sale of Kinwood Townhomes, a 46-unit multifamily community located at 6802–6853 5th Ct. SE in Lacey, Washington.
Glencrest Group, a San Francisco–based real estate investment firm, acquired the property from Jackson Homes. At $281,521 per unit, the transaction sets a strong benchmark for Thurston County multifamily pricing. Colliers’ Chris Hardman, Senior Vice President, and Drew Feldman, Associate, represented both the buyer and the seller in the transaction. “Out-of-state capital continues to pursue opportunities in well-located Pacific Northwest markets, underscoring the region’s long-term investment appeal,” said Hardman.
Developed in 2004 by Jackson Homes, Kinwood Townhomes has traded for the first time since its completion. The community consists entirely of large built-to-rent duplexes with two-, three- and four-bedroom floor plans. “As long-term investors, we were drawn to Kinwood Townhomes because of its unique built-to-rent configuration and strong rental demand in the Olympia-Lacey market,” said John Adair, Managing Partner at Glencrest Group.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout