LACEY – Kidder Mathews announced last week that it sold the College Glen Apartments, at 4870 55th Lane S.E. in Lacey, for $19.3 million.
KM’s team of Sid Warsinske, Giovanni Napoli, Philip Assouad and Ryan Dinius brokered the transaction.
The buyer was local affordable housing firm Shelter Resources.
Developed in 1996, the garden apartments have 164 units, plus amenities.
KM said that Shelter and its equity partner, Enterprise Community Investment, assumed an existing HUD loan on the property, and secured a new loan from Enterprise Community Loan Fund. A re-syndication of the federal low-income housing tax credits (LIHTC) is also planned, as are further renovations to College Glen.
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