Case Study · Olympia, WA
Capital Park, repositioned.
A full value-add renovation, delivered while the community stayed fully occupied. Average rents up 43.6% in twenty-three months.
Engagement
Management takeover
Began
March 2023
Duration
23 months
Asset
3-building garden community
Occupancy
Fully occupied throughout
The Challenge
An Olympia favorite,
showing its age.
Capital Park had anchored the Olympia rental market for over thirty years: three garden buildings off Capital Mall Drive, walkable to retail and parks. By the time ownership brought in Olympic, the asset had aged: dated exteriors, a 1990s leasing office, tired common areas.
It wasn’t broken. It had simply stopped competing. The brief was simple: modernize the community and grow income, without moving a single resident out.
The Transformation
What changed, shot by shot.
01 · The first impression
02 · A new face on a familiar building
03 · The leasing office
04 · The pool deck
05 · The laundry room
06 · From above, day one to month 23
The Plan
A repositioning playbook, run in five moves.
01
Read the asset
A two-week walk of every unit and line item, benchmarked against five Olympia comps, built into a unit-by-unit re-rent plan.
02
Reset curb appeal
New monument signage, a slate-blue exterior scheme, balcony privacy screens, fresh asphalt and striping.
03
Modernize the experience
New leasing office, a centralized mail and package room, app-based laundry, and a refreshed pool deck and fitness room.
04
Run the operating cadence
Weekly leasing reviews, monthly P&L huddles with ownership, a 24/7 maintenance line, and a renewals desk that answers.
05
Earn retention
A response to every review, a renewals concierge for legacy residents, and quarterly community events.
Scope of Work
- Full siding and window replacement
- All decks replaced and recoated
- Exterior repaint and pool deck coating
- Leasing office renovation
- New hallway carpet and paint
- Fire door replacements
- Parcel Pending lockers and new mail system
- Dumpster enclosures and upgraded signage
- Pool furniture upgrades
- Parking lot repair and restriping
The results
Rental performance climbed as the work landed.
June 2024
Current
- Fully occupied throughout
- Reduced long-term maintenance
- Stronger resident retention
All figures from owner-distributed monthly reporting, trailing twelve months ending Q1 2026. Capital Park Apartments, 2900 Limited Ln NW, Olympia, WA 98502.
“We’ve owned Capital Park for almost two decades. Olympic gave it the twenty-three months it needed to feel current, and the cash flow followed.”
Capital Park ownership group
Let's walk it together.
Thirty minutes.
We’ll meet you on-site, walk every common space, review the last twelve months of financials, and bring back a written plan within two weeks. No retainer, no deck.