Three Tacoma apartment deals net $73 million in combined sales and $57.7 million in financing

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Photo by Who is Denilo? on Unsplash

BELLEVUE, Washington, IRVINE, CA and SEATTLE – June 15, 2022 – Berkadia today announced combined sales of $73.425 million and combined financing of $57.72 million secured for a three-property multi-family portfolio located in Tacoma, WA.

Assets in this portfolio include:

  1. Heights of Terra: Senior Managing Director Kenny Dudunakis, Managing Directors Ben Johnson and David Sorensen and Managing Director George Pallis of Berkadia Bellevue completed the sale for $54 million, reflecting a unit price of $198,529, on behalf of the Washington-based seller. , Security Properties Inc. The buyer was California-based Wilshire Unlimited, LLC, and the deal closed on April 19.

“Terra Heights will provide the new owner with an excellent value-added opportunity in one of the best performing markets in the Pacific Northwest,” Johnson said.

General Manager David Bleiweiss of Berkadia Irvine secured the $48.33 million acquisition financing on behalf of the buyer. The three-year bridge loan was financed by ACORE Capital.

Built in 1979 and located at 2325 S 96th St., Terra Heights is a 252-unit garden-style multifamily property featuring bachelor, one-, and two-bedroom floor plans with walk-in closets. Community facilities include a swimming pool, business center, clubhouse, tennis court, playground and laundry facilities. Residents enjoy convenient access to Lake Charlton, St. Clare Hospital, and nearby shops and restaurants off Interstate 5. The property was 97% occupied at the time of the sale.

  1. Vintage Apartments: Managing Directors Jay Timpani, Mitchell Belcher and Steven Chattin and Managing Director Chad Blenz of Berkadia Bellevue completed the sale for $12.2 million, reflecting a unit price of $145,328, on behalf of the seller, Oberth LLC, based in Washington. The buyer, also Washington-based, was Milestone Properties, and the deal closed on April 20.

Berkadia Seattle manager Mackinley Robinson secured the $9.39 million acquisition financing on behalf of the buyer. The seven-year fixed-rate bridge loan featured a rate lock upon application and additional funds for capital improvements.

“It was a great opportunity to work with an outstanding local owner with a long history of exceptional operations,” Robinson said. “With rising interest rates, we knew we had to provide fixed rate bridge financing from the start.”

Built in 1929 and located at 518 S 7th St., Vintage Apartments is a mid-sized, 84-unit, multi-family property featuring studio and one-bedroom floor plans with walk-in closets. Community facilities include a fitness center and laundry facilities. Residents enjoy convenient access to Commencement Bay, Wright Park and downtown Tacoma. The property was 94% occupied at the time of the sale.

  1. Pennington: Managing directors Jay Timpani, Mitchell Belcher and Steven Chattin and managing director Chad Blenz of Berkadia Bellevue completed the sale for $7.225 million, reflecting a unit price of $138,942, on behalf of the seller, Washington-based Oberth LLC. The buyer, also Washington-based, was Milestone Properties, and the deal closed on April 20.

“The opportunity to represent local ownership by bringing these two iconic buildings to market was extremely exciting for our team,” said Timpani. “Getting into the picture after a buyer attempted to buy off-market allowed us to manage our controlled selling process and create a win-win situation 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 enjoy convenient access to the Multicare Tacoma Medical Center, the 6th Avenue light rail station opening later this year, and downtown Tacoma. The property was 94% occupied at the time of the sale.

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