FPA Multifamily Acquired Two Olympia Apartment Communities
New ownership has rebranded the two rental complexes following a $43.7 million acquisition deal.
Updated on Oct. 13, 2026 in Commercial
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FPA Multifamily has purchased the 170-unit Evergreen Garden Apartments and 113-unit Rock Maple Village Townhomes in Olympia for a combined $43.7 million. Both properties have been rebranded under the ReNew name as part of the transition.
Why it matters
This transaction reflects the ongoing investment activity in the regional housing market, where properties often change hands to align with new management strategies. The sale involves significant rental housing stock in Thurston County, moving from former owner Bender Equities to new ownership.
The deal encompasses 283 total units across two sites, with an average cost of $154,417 per unit. ReNew Evergreen occupies 9 acres while the newer ReNew Rock Maple sits on 13 acres.
The players
FPA Multifamily
An investment firm specializing in the acquisition and renovation of multifamily housing communities.
Bender Equities
The previous owner and seller of the Olympia-based residential apartment properties.
Institutional Property Advisors
A brokerage firm focused on commercial real estate transactions and advisory services for apartment owners.
Trinity Property Consultants
A professional management company responsible for the day-to-day operations of the two re-branded communities.
The details
Institutional Property Advisors facilitated the transaction by representing the seller, Bender Equities, and securing the buyer. The properties were previously managed by the original developer until this transfer of ownership. New management, Trinity Property Consultants, has now taken over daily operations for both complexes.
Timeline
1973: ReNew Evergreen opened.
2004: ReNew Rock Maple opened.
September 2026: Chambers Reserve traded for $53 million.
October 13, 2026: News of the property acquisition was published.
The Home Front
This transaction contributes to the broader $1.3 billion multifamily transaction volume recorded within the Puget Sound region. Local rental inventory continues to shift as institutional investors acquire and rebrand established apartment communities.
Current residents of ReNew Evergreen or ReNew Rock Maple should watch for communications from the new management team regarding any changes to rent portals or service requests. If you are a prospective renter, confirm which property management company currently holds your lease agreement.
The takeaway
Large-scale property acquisitions often signal transitions in building management and potential future site updates. Tenants should verify their new management contact information and retain all lease documentation from the previous ownership transition period.
Further reading
For more information on local real estate trends, visit the Commercial section.
Source note: This article includes information reported by 301 Moved Permanently.
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