The Tanglewilde offering consisted of over 8.4 acres of developable land, fully entitled for 177 garden style multifamily units. Located in Olympia, WA, this shovel ready site is slated for construction fall 2021. In 2019, Austin Kelley and Ted Sipila (Kidder Mathews Team) brought the site to their client – they represented them on the purchase and worked closely with ownership during the entitlement process.
Owned by local developers, Tanglewilde was originally purchased in Q1 of 2019 and fully entitled by summer 2021. Tanglewilde apartment will hold 9 residential buildings, a best-in-class amenities package and prime location just off the popular Martin and Marvin intersection. In 2020, ownership selected Kidder Mathews as its exclusive representation in marketing the property for sale. The offering was presented to investors as a fully entitled, shovel-ready site of scale. Very few 150+ unit garden style sites hit the market, and even fewer are ready to build upon closing.
2020 – a year of more uncertainty than most can ever remember. This execrable year brought with it a wide range of challenges that included the most volatile cost to the construction market in recent memory. While marketing and under contract, KM navigated changes that included skyrocketing construction costs highlighted by a ±200% increase in lumber prices.
With the teams’ aggressive marketing campaign and professional approach to investor selection, KM was able to bring in 6 offers – ultimately landing on a buyer who possessed an excellent resume and close personal ties to ownership. The result was a condensed due diligence period for the buyer, $25,000 / unit in sales price for ownership ($4.425MM) and a successful summer 2021 closing that will position both ownership and buyers for continued success in the multifamily industry.