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Colony Park Apartments

Metrics Overview

  • Syndication Investment - 18 private equity investors
  • Address: 1801 Magnolia St SE, Lacey, WA 98503
  • Units: 16
  • Date acquired: 6/25/2021
  • Date sold: Current Holding
  • Acquisition price: $1,400,000
  • Sales price: Current Holding
  • Capital investment (Equity Investors): $975,000
  • Profit: Current Holding
  • Projected Internal rate of return (IRR): 19.4%

This 16 unit Lacey, WA apartment building was built in 1968 and has 16 460sf 1BR units. The property has significant potential to add value with renovations to the dated apartment units, including new flooring, kitchen cabinets, quartz countertops, all new SS appliances, new bath fixtures, all new window & door trim and light fixtures, new window coverings and installation of in-unit washer/dryers to replace the current community laundry. 

PRIME 

LOCATION

Colony Park Apartments is close to Washington's capital city of Olympia in a quiet neighborhood near Chambers Lake and Joint-Base Lewis McChord. Recently the Chehalis Western Trail was completed directly adjacent to the property allowing residents access to recreation areas.

OUR

PARTNERS

M&M Ventures has partnered with Gary Gustafson, Owner of GTG Properties. Gary spent 25 years in the automotive business, the last 13 of which were as Partner/General Manager at Mike Scarff Subaru of Auburn. The vast majority of Gary's experience is taking underperforming businesses and developing them into high performing businesses. Gary has transitioned his repositioning skills to the real estate investment and construction business. As President of GTG Properties, Gary leads the team as they reposition underperforming apartment buildings and residential residences, creating high-quality affordable housing. In addition, he also owns and operates a General Construction Company (GTG Property Services, LLC) that enables all renovation and construction work to be done in-house.

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