Northmarq’s Seattle Multifamily Investment Sales team arranges sale of Mulberry Place apartments in Olympia, WA

OLYMPIA, Wash. (Feb. 26, 2025) — Northmarq’s Seattle Multifamily Investment Sales team led by Tyler Smith, Steve Fischer, Joe Kinkopf and Matt Johnston successfully completed the sale of Mulberry Place, a 48-unit low-rise apartment complex located at 501 Franz Anderson Rd SE in Olympia, Washington.

Northmarq represented the seller, Fourth Street Housing Mulberry Place LLC. The buyer was Couch Investments IV LLC.

“This transaction was an exciting opportunity for us to both satisfy a successful 1031 exchange for the buyer and create a great outcome for the seller,” Kinkopf said. “Despite headwinds in the market, we were able to successfully place the buyer’s trade property and identify a down-leg that satisfied their return thresholds. This transaction utilized a loan assumption, which is one way we have seen buyers get creative to find solutions in this difficult market.”

Built in 2021, Mulberry Place features unique studio, one- and two-bedroom unit floorplans featuring moving kitchen islands, granite countertops, stainless steel appliances, carpeted bedrooms and plank vinyl throughout and spacious walk-in closets.

Community amenities feature secure building access, off-street parking, rentable storage spaces, 24/7 fitness center, community lounge, and a pet-friendly environment.

Mulberry Place is conveniently located near restaurants, retail, grocery stores, fitness, convenience stores and more. It boasts nearby access to Interstate 5 and is just three miles from downtown Olympia.