Summary: Glencrest Group has purchased Meadowscape Apartments in Lacey, Washington for $40,860,000. The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development, Inc. and provides an example of how distress in the apartment industry is being resolved.
LACEY, Wash., Aug. 6, 2024 /PRNewswire-PRWeb/ -- Glencrest Group has purchased Meadowscape Apartments in Lacey, Washington for $40,860,000.
Located at 7641 3rd Way SE, Meadowscape is a brand-new community that completed construction earlier this year. It contains 177 units with an attractive mix of studio, one- and two-bedroom units containing high ceilings, modern finishes, in-unit laundry, and private patios and balconies. Common amenities include a heated pool, barbeque area, dog run, and an oversized clubhouse with fitness center, entertainment lounge, business center, package lockers, and more. Meadowscape was more than 50% leased at the time of acquisition.
The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development, Inc. and provides an example of how distress in the apartment industry is being resolved.
"Glencrest is excited to add Meadowscape to our portfolio and we were happy to provide a positive outcome for the estate of the bankrupt seller" said John Adair, Managing Partner of Glencrest Group. Adair added: "We own three other multifamily communities within eight miles and remain enthusiastic about the prospects for the apartment industry in this part of the Puget Sound region. Meadowscape presents with market-leading features throughout and we look forward to finishing the lease up and building a community for our residents."
About Glencrest Group
Glencrest Group was formed in 2019 by John Adair and Mike Bergelson to provide the next generation of multifamily investment opportunities. It focuses exclusively on purchasing existing apartment communities with above-average yield and appreciation potential. Glencrest's founding team combines decades of leadership in the real estate and technology industries. Before Glencrest, John was the Principal in charge of capital transactions for Prime Residential, where he acquired, sold, and financed more than 35,000 multifamily units, developing a reputation for generating alpha via creative and decisive deal making. Mike was most recently the co-founder and CEO of Everwise, a leader in the corporate learning and development space with hundreds of large enterprise clients. Before Everwise, Mike founded two other successful technology companies that focused on improving consumer experience. For more information, visit www.glencrestgroup.com.
Media Contact
Deborah Wroblewski, Glencrest Group, 1 (415) 306-8333, [email protected]
SOURCE Glencrest Group
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