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Seattle & Northwest  + Seattle  + Apartments  | 
Citizen & Oake

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.


Inside The Story

Joe Manca

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition