Berkadia Negotiates $18.5M Multifamily Property Sale in Tacoma, Washington
TACOMA, WASHINGTON – MAY 30, 2024 – Berkadia announced today the sale of Bella Vista, an 88-unit, garden-style multifamily property in Tacoma, Washington. Senior Managing Director Kenny Dudunakis, Managing Directors Benjamin Johnson, David Sorensen, and Jay Timpani, and Directors George Pallis and Brandon Lawler of Berkadia Bellevue led the transaction on behalf of the seller.
Bella Vista sold for $18.5 million on May 7. The sales price reflects a per-unit price of $210,227 or $256 per square foot. The property was 97 percent occupied at the time of the sale.
“Bella Vista provided an excellent opportunity for the buyer to acquire a value-add garden-style community in a neighborhood of Tacoma that is poised for growth,” said Pallis. “With the potential for significant returns on investment through continued strategic renovations and the area’s robust employment, Bella Vista is a quality addition to the buyer’s portfolio.”
“We want to thank the buyer and seller for a very smooth transaction in this tumultuous market,” said Lawler. “It is exciting to see a property trade hands for the first time in over ten years and seeing another California-based buyer make a bet on Tacoma proves the South Puget Sound market is still an attractive landing spot for out-of-state buyers looking to break into the Seattle market.”
Located at 3502 South Mason Avenue, the property affords convenient access to some of the area’s top employers: The Port of Tacoma, Boeing’s Frederickson and Kent plants, Joint Base Lewis-McChord, as well as major employers throughout the great Seattle metro, via the close proximity to interstate 5 and the South Tacoma Sounder Station. Bella Vista was built in 1986 and features 32 one-bedroom and one-bathroom units and 56 two-bedroom and one-bathroom units.
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