Investment Overview
The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of Evergreen Garden, a 170-unit multifamily community, and Rock Maple Village, a 113-unit multifamily community located in Olympia, just five minutes west of the Washington State Capitol Campus. The two communities offer convenient access to Olympia’s diverse employment base while benefiting from a unique setting adjacent to the 1,000-acre Evergreen Trail System, providing residents with a rare combination of connectivity, natural surroundings, and quality of life.
These low-density communities represent a rare offering, having been owned and professionally managed by the original developer since completion in 1973 and 2004, respectively. Together, the properties are situated on just over eighteen acres of land.
Evergreen Garden // 170 Units
Rock Maple Village // 113 Units
Executive Highlights
Rare Portfolio Offering with Long-Term Ownership
Evergreen Garden and Rock Maple Village represent a rare opportunity to acquire two well-maintained multifamily communities totaling 283 units. Both properties have been owned and professionally managed by the original developer since completion, providing an incoming investor with stable operations and consistent long-term stewardship.
Light Value-Add Opportunity
Both communities offer a turn-key investment with the opportunity to implement light interior upgrades to enhance the units and drive additional rental growth. Potential improvements include stainless steel appliances, tile backsplashes, updated lighting and plumbing fixtures, faux wood vinyl plank flooring, and ceiling fans.
Strong Operational Performance with Upside
The communities have historically maintained stable occupancy, low bad debt, and limited concessions. This strong operational history, combined with the opportunity to implement operational efficiencies and strategic upgrades, provides a compelling opportunity for future revenue growth.
Balanced Unit Mix with Townhome Product
The combined communities offer a broad range of one-, two-, and three-bedroom apartment homes, including unique loft layouts and 33 townhomes with attached garages and private driveways at Rock Maple Village, appealing to a wide renter demographic.
Low-Density Communities in a Park-Like Setting
Situated on more than eighteen acres, the properties feature spacious layouts, mature landscaping, and large open green spaces that create a tranquil residential environment. Community amenities such as playgrounds, open lawns, picnic areas, and recreational facilities contribute to a lifestyle-oriented living experience.
Rent vs. Own Affordability Advantage
With home prices in the surrounding 98502 zip code averaging $562,313 homeownership in Olympia has become increasingly expensive relative to renting. The resulting affordability gap between renting and owning supports continued demand for well-located multifamily housing such as Evergreen Garden and Rock Maple Village.
Evergreen Garden
Evergreen Garden Community Amenities
Expansive lawn, BBQ, and picnic area
Children’s playground
Fitness center
Half-court basketball
Resident lounge with kitchen, media room, and wifi cafe
On-site laundry facilities
Evergreen Garden Apartment Features
One-, two-, and three-bedroom apartment homes averaging ±701 square feet
Fully equipped kitchens with dishwashers and built-in microwaves
Hickory cabinets in kitchens and bathrooms complement the community’s natural surroundings
Tile or vinyl plank flooring in kitchens and bathrooms with carpet in living rooms and bedrooms
2” white faux wood blinds on all windows
Designer color schemes
Rock Maple Village
Rock Maple Village Community Amenities
On-site leasing office
Half-court basketball
Children’s playground
Expansive lawn
Rock Maple Village Apartment Features
One-, two-, and three-bedroom apartment homes averaging ±893 square feet
Unit mix includes 33 townhomes with attached garages and private driveways
Unique loft floor plans available with custom spiral staircases
Vinyl plank flooring in kitchens and bathrooms with carpet in living rooms and bedrooms
2” white faux wood blinds on all windows
In-unit washer/dryers located in all homes, dedicated laundry rooms in select floor plans
Private decks or patios off all homes
