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Thayer Manca Doubles its Investment on Citizen & Oake
Thayer Manca Residential (TMR) recently sold a multifamily property, Citizen & Oake, at 5406 82nd St. SW in Lakewood, WA for $60 million. The Seattle-based investment firm acquired the 231-unit apartment community in August 2016 for $32.95 million and completed $4.8 million in renovations.
The renovation included a full rebranding of the community, a secure package locker room, new pet park and 40 Itek Energy solar panels on the property. Interior renovations were completed in 227 units.
“We are very happy for our investors to have come full circle on this remarkable transformation,” says Joe Manca, principal at TMR.
TMR currently owns two other properties in the South Puget Sound region: the 189-unit Callen Apartments in Lacey, WA, purchased in 2018, and the 127-unit Woodbury Apartments in Olympia, WA, purchased in 2021.
- ◦Sale/Acquisition
