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Citizen & Oake

Lakewood, WA

Citizen & Oake

Overview

Location

Lakewood, WA

Acquired

2016

Units

231

Acquisition Price

$32,950,000

Capital

$13,600,000

Status

Holding

Citizen & Oake is one of the most uniquely located property’s we’ve ever acquired. Situated on 10 acres literally in the middle of an extensive, natural area with streams, stands of oak trees and gorgeous native vegetation.  None of these lands will never be developed due to the fact that they flow into a designated salmon spawning habitat to the west, which in turn flows into Puget Sound. The result is a property with its own 110 acre park surrounding the apartment community on all sides. Virtually every apartment unit has lovely views out over this unique natural setting.

The property is highly visible with over 200 feet of frontage on busy Lakewood Drive with a traffic count of more than 24,000 cars per day. The property was built in 1990 by custom home builder. To their architect’s credit, the building’s architectural style was ahead of its time and can easily pass for a property 20 years newer. Outstanding floor plans, wood burning fireplaces and full-sized, side by side washers and dryers in every unit set it apart from its contemporaries.

Best of all, none of the 231 apartment units have ever been upgraded, which makes Citizen & Oake a perfect candidate for TMR’s signature renovation and repositioning program.

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