Berkadia Team’s $37.6 Million Transaction Underscores Market’s Potential
PORTLAND – October 26, 2016 – Berkadia today announced the sale and financing of The Villas at Meadow Springs, a 286-unit Class A multifamily property built in 2003 and located in one of the nation’s fastest-growing metro areas—Washington state’s Tri-Cities (Richland, Kennewick and Pasco). Managing Director Phil Oester and Senior Director Joe Nydahl of the Portland, Oregon office completed the $37.6 million sale, which was sold by Kunz Investments, LLC, out of San Francisco. The team worked alongside Berkadia’s Denver office of Senior Managing Director Christopher Ellis, Managing Director Kevin McCormack and Senior Director Matt Schildwachter to arrange the financing.
“Through Berkadia’s integrated platform, we were able to deliver the best pricing and loan terms for both the seller and buyer in this transaction,” said Oester. “The Tri-Cities boasts a stable business environment, advanced health care, efficient transportation, and an excellent educational system, which is a direct result of its strong, growing economy and population base. The Villas at Meadow Springs presented a great opportunity to purchase and operate a quality apartment community with strong first-year cash-on-cash yields in an economically vital metro area.”
Located at 250 Gage Blvd. in Richland, the property is in the heart of the area’s newest and best retail, office and dining options the Tri-Cities, including the Columbia Center Regional Mall and Spring Meadows Golf Course within walking distance. Offering easy access to State Route 240, The Villas at Meadow Springs is eight miles south of Richland Airport. Top employers in the area include the U.S. Department of Energy’s Pacific Northwest National Laboratory managed by Battelle, AECOM/URS Corporation and CH2M Hill.