Harbor Pines Apartments Will Bring 272 Income-Restricted Units to West Olympia Upon Completion
OLYMPIA, WA — July 7, 2026 — DevCo Residential Group is pleased to announce the successful closing of an approximately 9.6-acre site in West Olympia, bringing much-needed affordable housing to Washington’s state capital. Harbor Pines Apartments is a 4% LIHTC ground-up construction project, with debt provided by Cedar Rapids Bank & Trust and equity provided by PNC. The site closed on July 7, 2026, for $5.4 million. Construction is set to begin this month, and the project will be completed by Q3 2028.
Named Harbor Pines Apartments, this thoughtfully planned 272-unit community will consist of nine four-story buildings and six three-story carriage buildings, along with a clubhouse featuring on-site leasing and maintenance offices. The community will offer one-, two-, three-, four-, and five-bedroom apartment homes, along with exterior amenities including a large central play area, a picnic area, and a community dog park.
Harbor Pines Apartments will be fully affordable, with units serving households earning between 40% and 70% of Thurston County Area Median Income (AMI), and a property-wide average of 60% AMI.
“We’re honored to bring another income-restricted community to the Greater Puget Sound region,” said Joey Launceford, Development Manager, DevCo Development. “As housing costs have continued to rise in Olympia over the past five years, Harbor Pines will provide individuals and families a meaningful, affordable place to call home.”
The clubhouse will also house an on-site office for Next Chapter, which is serving as the project’s Community Based Organization. Next Chapter will provide legal, vocational, and housing stability services to future residents, and is securing the WADOR Affordable Property Tax Exemption for the community. DevCo previously partnered with Next Chapter on Kendrick Landing in Lakewood, WA, and looks forward to their expansion into Thurston County.
DevCo’s family of companies will oversee the project from start to finish: DevCo Development as the developer, DevCo US Construction as the general contractor, and, upon completion, HNN Communities as the property manager. Harbor Pines Apartments marks DevCo US Construction’s first project in Washington State.
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About DevCo Residential Group
DevCo Residential Group is a real estate development and investment company focused on multifamily communities across the United States. Founded in 1994 and headquartered in Washington State, DevCo and its affiliates develop and own more than 14,000 affordable, workforce, and market-rate apartment homes, with approximately 9,000 apartment units managed internally. DevCo is recognized for delivering high-quality communities built on a foundation of integrity, long-term commitment, and collaborative teamwork.