Glencrest Group has purchased Meadowscape Apartments in Lacey, Washington, for $40.86 million.
Located at 7641 3rd Way SE, Meadowscape is a brand-new community that completed construction earlier this year.

The property features 177 units with a mix of studio, one- and two-bedroom units with high ceilings, modern finishes, in-unit laundry, and private patios and balconies. 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.
“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.”