Northmarq’s Seattle Investment Sales Team recently led the $19.55 million sale of Merritt Manor, an 82-unit midrise apartment community in Olympia.
Northmarq is one of the largest privately held commercial real estate firms in the United States and represented the seller, Fourth Street’s Merrrit Manor LLC. The buyer was Merritt Manor LLC.
Built in 2020, Merritt Manor’s two- and three-bedroom apartments have stainless-steel appliances, granite countertops, moveable kitchen islands, full-size washers and dryers, carpeted bedrooms with plank vinyl, and walk-in closets.
Community amenities include a community garden, grilling area, playground, basketball court, community lounge, electric-vehicle charging station, off-street parking, elevator access, and video patrol.
“This transaction was a true collaboration between a motivated buyer and a cooperative seller on a highly specialized asset,” Joe Kinkopf, senior vice president of Northmarq’s Seattle regional office, said in the release announcing the deal. “Despite the property’s unique multifamily tax exemption structure limiting the buyer pool, our team successfully sourced a private investor with deep low-income housing tax credit and Housing and Urban Development lending experience. The seller’s flexibility around HUD loan timing unlocked a sale at a premium to competing offers. This closing is a great outcome for the community, preserving affordable housing in Thurston County for the foreseeable future.”
The sales team was led by Kinkopf, Steve Fischer, and Tyler Smith.
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