BELLEVUE, Wash., IRVINE, Calif. and SEATTLE – June 15, 2022 – Berkadia announced today the $73.425 million in combined sales and the $57.72 million in combined financing secured for a three-property multifamily portfolio located in Tacoma, Washington.
The properties in this portfolio include:
- Terra Heights: Senior Managing Director Kenny Dudunakis, Managing Directors Ben Johnson and David Sorensen and Director George Pallis of Berkadia Bellevue completed the $54 million sale, reflecting a per-unit price of $198,529, on behalf of the seller, Washington-based Security Properties Inc. The buyer was California-based Wilshire Unlimited, LLC, and the deal closed on April 19.
“Terra Heights will provide the new ownership a great value-add opportunity in one of the strongest performing markets in the Pacific Northwest,” said Johnson.
Managing Director David Bleiweiss of Berkadia Irvine secured the $48.33 million in acquisition financing on behalf of the buyer. The three-year bridge loan was financed through ACORE Capital.
Built in 1979 and located at 2325 S 96th St., Terra Heights is a 252-unit garden-style multifamily property featuring studio, one- and two-bedroom floor plans with walk-in closets. Community amenities include a swimming pool, a business center, a clubhouse, a tennis court, a playground and laundry facilities. Residents are afforded convenient access to Charlton Lake, St. Clare Hospital and the shops and restaurants near Interstate 5. The property was 97 percent occupied at the time of the sale.
- Vintage Apartments: Managing Directors Jay Timpani, Mitchell Belcher and Steven Chattin and Director Chad Blenz of Berkadia Bellevue completed the $12.2 million sale, reflecting a per-unit price of $145,328, on behalf of the seller, Washington-based Oberth LLC. The buyer, also based in Washington, was Milestone Properties, and the deal closed on April 20.
Director Mackinley Robinson of Berkadia Seattle secured the $9.39 million in acquisition financing on behalf of the buyer. The seven-year fixed-rate bridge loan featured a rate lock at application, and additional funds for capital improvements.
“This was a great opportunity to work with a notable local owner with a long history of exceptional operations,” said Robinson. “With interest rates rising, we knew we needed to provide fixed-rate bridge financing from the start.”
Built in 1929 and located at 518 S 7th St., Vintage Apartments is an 84-unit mid-rise multifamily property featuring studio and one-bedroom floor plans with walk-in closets. Community amenities include a fitness center and laundry facilities. Residents are afforded convenient access to Commencement Bay, Wright Park and Downtown Tacoma. The property was 94 percent occupied at the time of the sale.
- Pennington: Managing Directors Jay Timpani, Mitchell Belcher and Steven Chattin and Director Chad Blenz of Berkadia Bellevue completed the $7.225 million sale, reflecting a per-unit price of $138,942, on behalf of the seller, Washington-based Oberth LLC. The buyer, also based in Washington, was Milestone Properties, and the deal closed on April 20.
“The opportunity to represent local ownership in bringing these two iconic buildings to the market was extremely exciting for our team,” said Timpani. “Coming into the picture after a Buyer made an attempt to purchase off-market allowed us to run our controlled sales process and create a win-win for both Buyer and Seller.”
Built in 1931 and located at 702 Martin Luther King Jr. Way, Pennington is a 52-unit multifamily property featuring studio and one-bedroom floor plans. Community amenities include underground parking and laundry facilities. Residents are afforded convenient access to Multicare Tacoma Medical Center, the 6th Avenue Light Rail Station opening later this year and Downtown Tacoma. The property was 94 percent occupied at the time of the sale.
