College Glen Apartments, an 164-unit complex in Lacey, has sold for $19.3 million, according to the commercial real estate company Kidder Mathews.
Kidder Mathews brokered the deal between buyer Shelter Resources and seller College Glen Apartments LP.
College Glen, which is at 4870 55th Lane SE, is a low-income housing tax credit property. Bellevue-based Shelter Resources, which develops and renovates affordable housing, plans to continue to operate College Glen as such, according to Kidder Mathews.
Shelter also plans to renovate the interior and exterior of the apartment complex.
Lacey has been an attractive destination for multifamily investors because rents rose 8 percent last year, according to Kidder Mathews.
“We’ve seen continued investor interest acquiring multifamily assets in South Sound over the last few years, but particularly in Pierce and Thurston counties over the past 24 months as rent growth on a percentage basis is amongst the highest in the region,” said Kidder Mathews broker Giovanni Napoli in a statement.