SEATTLE, WA - CBRE announced the sale and financing of Briggs Village Apartments, a 72-unit, new construction multifamily property located at 4225 Briggs Drive SE in Olympia, Wash. Andrew Behrens with CBRE Capital Markets’ Debt & Structured Finance arranged the $12.81 million acquisition loan from lender Freddie Mac on behalf of the borrower and buyer, San Francisco-based Glencrest Group. The loan is a 10-year, interest only, 3.04% fixed rate. CBRE’s Jay Timpani, Mitchell Belcher and Steven Chattin represented the seller, Briggs Apartments LLC, in the transaction that closed July 31.
“Briggs Village Apartments is an excellent fit for our Generations program – designed around long-term ownership of attractive multifamily communities – because of its quality construction and location. We are excited to expand our growing portfolio into the Puget Sound region and were pleased to close this acquisition without renegotiation or delay notwithstanding the pandemic,” said John Adair, Managing Partner, Glencrest Group.
“We were excited to work with John and Mike on the financing of this outstanding acquisition. CBRE looks forward to continuing to partner with the Glencrest team on many future transactions,” added Mr. Behrens, Vice Chairman, CBRE.
Built in 2019, Briggs Village Apartments is a six-building, midrise apartment community with a mix of one, two and three-bedroom units featuring high ceilings, modern appliances, and balconies or patios with storage. Property amenities include covered parking, a playground, park, basketball court and close proximity to one of two YMCAs in the Olympia area, offering residents comprehensive physical fitness and childcare options.
Briggs Village apartments is part of a 137-acre master-planned community and is two miles from downtown Olympia and a short commute to Joint Base Lewis-McChord, the fourth largest employer in the state of Washington. The community also benefits from proximity to the Seattle technology ecosystem anchored by multiple tech giants.