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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 properties that TMR has ever owned. Developed by a custom home builder in 1990, this 231-unit property is situated along the perimeter of a 110-acre natural area with stands of oak trees, abundant wildlife and streams that connect to a designated salmon spawning habitat to the west. Washington’s Salmon Recovery Act, enacted in 1999, virtually guarantees the remainder of this large, natural area will see no further development.   

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. To the original builder’s credit, the property’s architectural style was ahead of its time and easily passes for a property 20 years newer. Lovely views, outstanding floor plans, wood burning fireplaces and full-sized, side by side washers and dryers in every unit set Citizen & Oake apart from its contemporaries.

At the time of our acquisition in 2016, none of the 231 apartment units had received upgrades or improvements of any kind, which made this property a perfect candidate for TMR’s signature renovation and repositioning program. In the years since TMR’s acquisition of Citizen & Oake has become the market leader in rental rate performance and occupancy. 

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