Northmarq’s Investment Sales team completes $19.55M sale of Merritt Manor apartments in Olympia, WA

OLYMPIA, Wash. — Northmarq’s Seattle Investment Sales team led by Joe Kinkopf, Steve Fischer and Tyler Smith successfully led the $19.55 million sale of Merritt Manor, an 82-unit midrise apartment community located at 3335 Martin Way E. in Olympia, Washington.  

Northmarq represented the seller, Fourth Street’s Merritt Manor LLC. The buyer was Merritt Manor LLC.

“This transaction was a true collaboration between a motivated buyer and a cooperative seller on a highly specialized asset,” Kinkopf said. “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.”

Built in 2020 and offering two- and three-bedroom floor plans, Merritt Manor offers units with stainless steel appliances, granite countertops, moving kitchen islands, full-size washer and dryer, carpeted bedrooms and plank vinyl throughout and spacious walk-in closets.

Community amenities include a community garden, grilling area, playground, basketball court, community lounge, EV charging station, ample off-street parking, elevator access and video patrol.

Located just off Interstate 5, Merritt Manor boasts nearby access to restaurants, shopping, groceries, and healthcare services. It is roughly two miles from Olympia’s Historic District.