Thayer Manca Residential Divests of Citizen & Oake Apartments in Lakewood for $60M

by Amy Works

LAKEWOOD, WASH. — Seattle-based Thayer Manca Residential has completed the sale of Citizen & Oake, an apartment community in Lakewood. An undisclosed buyer purchased the property for $60 million.

Thayer Manca originally acquired the property in 2016 for $32.9 million and completed $4.8 million in renovations.

Located at 5406 82nd St. SW, Citizen & Oake features 231 apartments and a 5,000-square-foot clubhouse with a fitness center, office space, community kitchen, game room and lounge, outdoor grills and firepits. The property also offers a secure package locker room, pet park and 40 solar panels. Interior renovations were completed in 227 units and the property received a full rebranding.

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