Northmarq arranges $25.5M in acquisition financing for Chambers Reserve, a for-rent townhome community in Lacey, WA
Photo source: Milestone Investment Properties
LACEY, Wash. — Northmarq's Seattle Debt + Equity team led by Robert Spiro and Ben Biggers arranged $25.5 million in acquisition financing for Chambers Reserve, a 125-unit luxury rental townhome community at 3725 Wildspitz Ln. SE in Lacey, Washington.
Northmarq arranged the permanent, fixed-rate loan through Freddie Mac on behalf of the borrower. The loan carries a seven-year term.
Built in 2022 on 8.33 acres, Chambers Reserve consists of 24 three-story buildings with three- and four-bedroom townhomes. Every home includes an attached two-car garage, three full bathrooms and an extra-large covered deck or patio.
Residents get the look and feel of a single-family home at an estimated 25% discount to the monthly cost of owning a townhome of similar size and vintage, without the down payment. It's a model that fits the market well. Thurston County's renter base is anchored by stable government, education and military employment, drawing from the state capital, local colleges and nearby Joint Base Lewis-McChord.
"Freddie Mac is showing growing appetite for purpose-built rental communities in secondary markets, and Chambers Reserve checks that box," Spiro said. "It's a newer asset with a product renters can't easily find elsewhere, in a market backed by some of the most durable employers in the state."
The community sits just off Interstate 5, minutes from the Hawks Prairie retail corridor and five miles from downtown Olympia. Saint Martin's University, South Puget Sound Community College and The Evergreen State College are all nearby. Capitol Forest, the Pacific coast and the Cascades are each within about an hour's drive.
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