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Northmarq’s Seattle Investment Sales team has arranged the sale of Merritt Manor, a midrise multifamily community in Olympia, Washington, for $19.55 million.

The 82-unit property is located at 3335 Martin Way E. in Olympia. Merritt Manor was completed in 2020, positioning it as a relatively new asset within the local multifamily inventory. The community’s midrise configuration suggests a higher-density residential format compared with traditional garden-style apartments, which can be relevant for investors evaluating operational efficiencies and tenant demand in urban or infill locations.

The Seattle-based Northmarq team was led by investment sales professionals Joe Kinkopf, Steve Fischer and Tyler Smith. The team represented the seller, identified as Fourth Street’s Merritt Manor LLC. The buyer in the transaction was Merritt Manor LLC. No additional ownership details, business plans or hold strategies were disclosed in the source material.

The transaction underscores ongoing investor interest in newer-vintage multifamily assets in secondary Washington markets such as Olympia. While pricing metrics such as price per unit, cap rate and in-place or pro forma rents were not provided, the deal size and 2020 construction vintage indicate that institutional or well-capitalized private buyers continue to pursue stabilized, modern apartment communities outside of core metros.

For market participants, the sale of Merritt Manor provides another data point for multifamily investment activity in the South Puget Sound region. However, without further information on occupancy, rent levels, or financing terms, the broader implications for valuation trends and capital markets conditions in Olympia remain limited based on the available details.

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