Thayer Manca Adds Sixth Asset to Washington State Multifamily Portfolio
Thayer Manca Residential (TMR) acquired Roosevelt Ridge, a 75-unit rental property located in the Pinehurst neighborhood of Seattle, for an undisclosed sum. It’s the sixth asset in TMR’s rapidly growing Washington portfolio, which also includes Capitol Heights (115 units), Etta (80 units), Big Trout Lodge (297 units), Woodbury Apartments (127 units) and Callan Apartments (189 units).
“We are thrilled with this acquisition, especially given today’s unique market conditions,” said principal Molly Santucci. “We are eager to leverage our team’s expertise and strategic vision to enhance the community for its residents.”
TMR will execute a comprehensive value-add repositioning strategy at the property. With a renovation budget of $4.5 million, a significant portion will be dedicated to exterior and mechanical improvements.
Roosevelt Ridge benefits from easy access to major roads and public transportation options, including the Link light rail stations at Northgate and NE 130th St. Furthermore, the property’s proximity to the redevelopment of Northgate, being rebranded as “Northgate Station,” signifies job growth in the near term and amenities in the future.
Thayer Manca Adds Sixth Asset to Washington State Multifamily Portfolio
Thayer Manca Adds Sixth Asset to Washington State Multifamily Portfolio
Thayer Manca Residential (TMR) acquired Roosevelt Ridge, a 75-unit rental property located in the Pinehurst neighborhood of Seattle, for an undisclosed sum. It’s the sixth asset in TMR’s rapidly growing Washington portfolio, which also includes Capitol Heights (115 units), Etta (80 units), Big Trout Lodge (297 units), Woodbury Apartments (127 units) and Callan Apartments (189 units).
“We are thrilled with this acquisition, especially given today’s unique market conditions,” said principal Molly Santucci. “We are eager to leverage our team’s expertise and strategic vision to enhance the community for its residents.”
TMR will execute a comprehensive value-add repositioning strategy at the property. With a renovation budget of $4.5 million, a significant portion will be dedicated to exterior and mechanical improvements.
Roosevelt Ridge benefits from easy access to major roads and public transportation options, including the Link light rail stations at Northgate and NE 130th St. Furthermore, the property’s proximity to the redevelopment of Northgate, being rebranded as “Northgate Station,” signifies job growth in the near term and amenities in the future.
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