Investment Overview

The Seattle Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of the Parkview Apartments, a 72- unit multifamily community located in Olympia, just 10 minutes south of the Washington State Capitol Campus. Parkview is situated in the 137-acre Briggs Village Master Planned Community, which consists of single-family homes, condos, and apartments interspersed between several parks and open spaces for residents to enjoy walking, biking, and jogging.

Parkview was recently ranked one of the top 10 multifamily communities in Washington State based on tenant satisfaction. Buildings are ranked by an independent agency and assigned a score based on their Online Reputation Assessment (ORA).

ASSUMABLE HUD LOAN

Parkview is subject to an extremely attractive existing HUD loan under the 223(f) program that must be assumed at closing. The interest rate is fixed at 2.35% for the entire remaining life of the loan, which matures in 2056. The most competitive interest rates in the market today are more than double that of the existing loan and the assumption fee is only 0.05% (5bps).

Located in Master-Planned Community

Situated in the 137-acre Briggs Village Master Planned Community surrounded by nature. Residents enjoy connectivity to miles and walking trails and six Kettle lakes. Briggs Community YMCA, Starbucks, and other shopping and dining amenities all within a 5-minute walk.

Large Floor Plans

Well-designed floor plans offering one-, two-, and three bedroom homes ranging in size from ±788 square feet to ±1,243 square feet each offering 9’ ceilings, electric fireplaces, and private decks or patios.

Strong Going-In Cash Yield

High historical occupancy and sustained operational success at the property combined with the assumable HUD financing offers investors and extremely attractive “day-one” cash yield.

Affluent Neighborhood Demographics

Average household income of $135,431 within one mile; 51% higher than Olympia average household income. High barrier-to-entry homeownership with average home prices of $544,985 in the 98501 zip code, making homeownership 45% more expensive than renting at Parkview.