Evergreen Garden & Rock Maple Village/Olympia, WA

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Multifamily

Olympia, WA

283 Units

Built in 1973

Value Add

Rare Portfolio Offering with Long-Term Ownership: Opportunity to acquire two well-maintained multifamily communities totaling 283 units.
Strong Operational Performance with Upside: The communities have historically maintained stable occupancy, low bad debt, and limited concessions.
Low-Density Communities in a Park-Like Setting: Situated on more than eighteen acres, the properties feature spacious layouts, mature landscaping, and large open green spaces.
Balanced Unit Mix with Townhome Product: The combined communities offer a broad range of one-, two-, and three-bedroom apartment homes, including unique loft layouts and 33 townhomes with attached garages and private driveways at Rock Maple Village, appealing to a wide renter demographic.
Value-Add Opportunity: Both communities offer the opportunity to implement interior upgrades to enhance the units and drive additional rental growth. Potential improvements include stainless steel appliances, tile backsplashes, updated lighting and plumbing fixtures, faux wood vinyl plank flooring, and ceiling fans.
Rent vs. Own Affordability Advantage: Home prices in Thurston County have essentially doubled since 2016 and homeownership in Olympia has become increasingly expensive relative to renting. The resulting affordability gap between renting and owning supports continued demand for well-located multifamily housing such as Evergreen Garden and Rock Maple Village.