Wednesday, December 12, 2018

Sold! 43 Units in Olympia, Washington

Campus Lofts was an adaptive reuse conversion.  Originally an office building adjacent to the capitol mall, Campus Lofts was converted into multifamily in 2017 under the City of Olympia’s community renewal program. The conversion also included the addition of townhome units with tuck-under parking. The asset features plentiful off-street parking, in-unit washer/dryer, multiple lounge areas, and modern interior finishes.

The unique conversion and newer construction - which included abated property taxes for 8 years - made Campus Lofts an attractive investment opportunity. The lease of the property and unstabilized operations—as well as the unknown market conditions in Olympia—was challenging to investors unfamiliar with the area. HFO positioned Campus Lofts as an opportunity to get in on the ground floor of multifamily housing in the state capitol’s emerging urban core.

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