Berkadia Negotiates $30M Multifamily Property Sale in Bellevue, Washington
Bellevue, Washington – September 26, 2024 – Berkadia announced today the sale of Sylva on Main, a 74-unit midrise multifamily property in Bellevue, Washington. Managing Directors Ben Johnson and David Sorensen, Senior Managing Director Kenny Dudunakis, Director George Pallis, and Associate Director Peter Dudunakis of Berkadia Seattle led the transaction on behalf of the seller, Seattle-based Security Properties.
Sylva on Main sold for $30 million to Rise Properties Trust on September 12. The sales price reflects a per-unit price of $405,405.
“We are incredibly thankful and appreciative to have had the opportunity to work with the seller and buyer on this disposition,” said Johnson. “Sylva on Main represents a rare opportunity in Bellevue, given its prime location downtown and its unique architecture. With the continued expansion of companies on the eastside, this asset is poised to see immense success in the coming years.”
Located at 10701 Main Street in the heart of Downtown Bellevue, the property will continue to benefit from the increasing housing demand driven by a growing commercial footprint. Sylva on Main was built in 2011 and features 74-units with two retail suites.
Berkadia Negotiates $30M Sale of Midrise Multifamily in Downtown Bellevue | Connect CRE