INDEPENDENT ASSESSMENT
Hawks Crest Apartments LLC is a Washington real estate issuer formed in 2025 and seeking up to $6,200,000 of equity under Rule 506(b). Its September 15, 2026 Form D reported $0 sold, zero investors, no first sale yet and a nominal $1 minimum investment. The issuer selected Other Real Estate, stated that the offering was not expected to last more than one year and reported no broker-dealer, sales commission or finder-fee arrangements. Stephen Mackey is the only related person listed and is identified as both Executive Officer and Promoter, while Abigail G. Coffey signed the notice as attorney. The fund therefore entered the SEC record before outside capital had been reported, making this a launch-stage development financing rather than an amendment to an already operating investment pool. (streetinsider.com)
STEPHEN MACKEY HAS A TRACEABLE MULTIFAMILY DEVELOPMENT HISTORY
The most important sponsor evidence comes from Washington land-use and corporate records. Stephen Mackey appears as applicant or principal on multiple apartment developments in the Tacoma/Lakewood area. Washington Department of Ecology records identify him as the applicant for Metro Apartments, a 66-unit project at 9801 A Street East in Tacoma, and for Lincoln Avenue Village Apartments in Lakewood, a project proposing two new 24-unit apartment buildings alongside two existing residences for a total of 50 dwelling units. He also appears as applicant for Swan Grove Apartments, a Lakewood project proposing six three-story buildings and 90 market-rate units. These are not generic name matches: the projects are linked to the same Stephen Mackey and the same south Puget Sound multifamily-development geography visible in Hawks Crest Apartments' SEC filing. (apps.ecology.wa.gov) (apps.ecology.wa.gov)
Corporate records reinforce that operating history. Stephen Mackey is listed as a governor or representative of The Metro Apartments LLC, Lincoln Avenue Village Apartments LLC and Dev Con Office Suites LLC, with the same 5920 100th Street SW, Suite 9 address appearing repeatedly. Lincoln Avenue Village Apartments LLC, for example, was organized in 2021 and remains associated with the Lakewood office used by Hawks Crest Apartments. That repeated address and entity pattern suggests a development platform that creates separate LLCs around individual apartment projects rather than holding every development under one parent company. (bizprofile.net)
THE LACEY "HAWKS CREST" PROJECT IS A STRONG BUT NOT YET CONCLUSIVE MATCH
The City of Lacey has an active development-review file for a project explicitly titled "Hawks Crest." Municipal records describe it as a mixed-use development and publish a detailed 2026 design-review packet prepared by Graves + Associates. The project is associated with a parcel along Marvin Road and appears in the city's 41st Avenue project-review file, which includes site plans, architectural drawings, traffic analysis, geotechnical reports, landscaping, stormwater documents and multi-family design review materials. This creates a highly relevant project-level lead because the project name matches the SEC issuer exactly and the timing aligns closely with the 2025 formation and 2026 capital raise. (cityoflacey.org)
However, the SEC Form D itself does not disclose a project address or parcel number, and the currently surfaced Lacey materials do not explicitly state "Hawks Crest Apartments LLC" as the property owner or securities issuer. FilingDossier should therefore avoid presenting the Lacey project as conclusively identical to the SEC issuer until ownership, applicant or financing documents bridge that gap. The proper wording is that public municipal records reveal a contemporaneous Hawks Crest mixed-use development in Lacey that is highly relevant and deserves project-level verification, but the legal connection to the Form D issuer still requires confirmation through title records, land-use applications or the offering memorandum.
THE LAKEWOOD ADDRESS IS AN OPERATING HUB, NOT THE DEVELOPMENT SITE
The Form D address at 5920 100th Street SW is not itself an apartment project. Commercial marketing materials identify 5920 100th Street SW as Lakewood Professional Village, a small office property with approximately 7,428 square feet. Stephen Mackey-linked companies have repeatedly used Suite 9 there as an administrative address. This is important because users searching the Form D address could mistakenly assume the securities offering relates to property at 5920 100th Street. The public evidence instead supports treating that location as Mackey's development-office base while the actual apartment project is located elsewhere. (commercialmls.com)
The distinction is useful for entity penetration. A real estate issuer's headquarters and its investment property often differ, especially when a developer manages multiple projects through one office. Here, Mackey's other entities and land-use filings establish the same pattern: development LLCs use the Lakewood administrative address while project parcels sit elsewhere in Pierce County or neighboring jurisdictions. That structure is consistent with Hawks Crest Apartments being another project-specific development company rather than a business occupying the Lakewood office as its principal real estate asset.
MACKEY'S OTHER PROJECTS SHOW REAL DEVELOPMENT EXECUTION
Metro Apartments provides particularly good evidence of actual execution rather than only entitlement work. Pierce County records show Stephen Mackey as applicant for a 66-unit apartment complex, while permit records show individual three-story apartment-building permits with valuations exceeding $1.1 million per building. These documents demonstrate that Mackey's development activity has moved beyond entity formation and conceptual planning into permitted multifamily construction. (apps.ecology.wa.gov)
Lincoln Avenue Village provides a second independent example. Lakewood's environmental review describes a 50-unit residential project with 75 parking spaces, bicycle facilities, landscaping and substantial tree replacement. Swan Grove adds a third project at 90 market-rate units. Taken together, these records indicate a repeatable focus on mid-sized multifamily development in the south Puget Sound region. That history is materially relevant to Hawks Crest because it supports sponsor-level development experience, although no prior project's economics or performance should be imputed to the new offering.
THE $6.2M OFFERING DOES NOT REVEAL TOTAL PROJECT COST
The Form D's $6.2 million figure should be interpreted narrowly as the maximum equity offering disclosed to the SEC. Because no capital had been sold as of filing, the figure is not capital already raised. It also does not establish total project capitalization. A multifamily or mixed-use development could use construction debt, land equity, sponsor capital, mezzanine financing or other sources alongside outside equity. If the Lacey Hawks Crest project ultimately proves to be the same project, its planning and construction budget could materially exceed the SEC equity raise.
Public records reviewed here do not disclose land acquisition cost, construction loan size, loan-to-cost ratio, interest rate, preferred return, sponsor promote, development fee, construction-management fee, property-management fee or stabilized valuation. Nor does the Form D disclose projected unit count, commercial square footage, rental assumptions or exit strategy. Those terms are more important to investor returns than the headline $6.2 million offering size.
DEVELOPMENT RISK IS MORE IMPORTANT THAN CURRENT OPERATING CASH FLOW
Hawks Crest appears to be a development-stage investment rather than a stabilized income property. Development projects carry risks that differ materially from buying an occupied apartment building. Construction pricing can move, lenders can change underwriting requirements, permitting can be delayed, utility or stormwater conditions can increase costs, and lease-up may occur in a different rental market than the one used in the original underwriting. If the Lacey project is the relevant asset, the city's review file itself shows the number of technical workstreams involved: civil plans, traffic studies, geotechnical work, environmental review, stormwater planning, landscaping and design compliance. (cityoflacey.org)
Those documents provide evidence of a serious development process but not proof of profitability. Investors should verify whether final approvals have been issued, whether construction permits are in hand, whether the land has closed, whether a guaranteed maximum price construction contract exists and whether the project has secured debt financing. Entitlement progress reduces some development uncertainty, but construction and lease-up risk remain until the asset reaches stabilization.
RISK AND DILIGENCE QUESTIONS
The principal information gap is project identity. Investors should first confirm whether Hawks Crest Apartments LLC is the owner or development entity behind the Lacey Hawks Crest project. That can be done through the offering memorandum, title report, land purchase agreement, municipal applicant records and organizational chart. If the Lacey project is confirmed, the next diligence layer should cover unit count, commercial space, construction budget, sources and uses, debt financing, projected rents, occupancy assumptions, development timeline and exit valuation.
Investors should also request Stephen Mackey's project-level track record rather than simply relying on proof that other projects exist. Relevant data include completed cost versus budget, stabilization timing, realized sale values, investor returns and lender performance on Metro Apartments, Lincoln Avenue Village, Swan Grove and other developments. The public record demonstrates active development involvement but does not disclose investor-level outcomes.
FINAL ASSESSMENT
Hawks Crest Apartments LLC has a more substantial sponsor-development trail than its zero-dollar Form D initially suggests. The SEC filing confirms a 2025 Washington LLC seeking $6.2 million under Rule 506(b), with Stephen Mackey as executive officer and promoter and no first sale reported as of September 15, 2026. Separate Washington regulatory records connect Mackey to multiple multifamily developments, including the 66-unit Metro Apartments, 50-unit Lincoln Avenue Village Apartments and 90-unit Swan Grove Apartments, while corporate records repeatedly tie those project entities to the same Lakewood office used by Hawks Crest. (apps.ecology.wa.gov)
The strongest project-level lead is the City of Lacey's active Hawks Crest mixed-use development, supported by a detailed 2026 design-review and engineering record. That name and timing are highly relevant, but the legal bridge between the municipal project and Hawks Crest Apartments LLC should still be verified before they are treated as the same asset. The $6.2 million figure is a proposed equity offering, not capital already raised or total project cost. Form D confirms an exempt securities offering; it does not establish development approval, financing completion, project value or future investor returns.