5650 Yelm Highway Southeast, Lacey, WA 98513

The Mogharebi Group is pleased to present The Turf Apartments, a value-add multifamily opportunity, located in Lacey, Washington. This 74-unit community offers investors a compelling combination of immediate rent growth potential and operating efficiencies in one of the South Puget Sound's most stable rental markets. With in-place rents currently ~20% below market, The Turf Apartments presents a rare opportunity to acquire a well-located asset at an attractive basis with clearly executable upside.

The property features a very low-density design that creates a tranquil, community-like living environment, complemented by an amenity package that is exceptionally rich for its size. The property has undergone several upgrades within the past 3 years, significantly reducing near-term capital requirements for a new owner.

The Turf Apartments offers additional value-add upside through the installation of in-unit washer and dryer hookups, providing a clear and executable opportunity to increase rents and further enhance net operating income. This remaining upside allows an investor to layer growth on top of an already stabilized asset profile. The property benefits from an in-place assumable loan at a below-market interest rate.

Strategically located on Yelm Highway, a major bus line route with a transit stop just 150 feet from the property, The Turf Apartments is directly across the street from Chambers Prairie Elementary and within the highly rated North Thurston School District. The property benefits from proximity to Joint Base Lewis-McChord (JBLM), the fourth-largest military installation in the United States with over 45,000 service members and civilian workers, as well as Olympia, the State Capital of Washington, creating a deep and diversified employment base anchored by government and military demand.