Berkadia has successfully closed the sale of Bella Vista, a garden-style multifamily property located in Tacoma, Washington. The transaction was led by Senior Managing Director Kenny Dudunakis and a team from Berkadia Bellevue including Managing Directors Benjamin Johnson, David Sorensen, and Jay Timpani as well as Directors George Pallis and Brandon Lawler.
The sale price for this 88-unit property was $18.5 million, resulting in a per-unit price of $210,227 or $256 per square foot. At the time of the sale, Bella Vista boasted an impressive occupancy rate of 97%. According to Pallis,”This transaction presented an exceptional opportunity for the buyer to acquire a value-add community situated in an up-and-coming neighborhood within Tacoma.”
Conveniently located at 3502 South Mason Avenue,Bella Vista offers easy access to major employers such as The Port of Tacoma,B oeing’s Frederickson and Kent plants,and Joint Base Lewis-McChord.Built in 1986,the property features32 one-bedroom units with one bathroom each,and56 two-bedroom units with one bathroom each.
Berkadia recently finalized the successful acquisition deal for Bella Vista,a charming garden-style multifamily complex situated in thrivingTacoma,Washington.The accomplished team from Berkadia Bellevue,inclusiveof Senior Managing Director Kenny Dudunakis along with esteemed colleaguesManaging Directors Benjamin Johnson,David Sorensen,Jay TimpaniandDirectors George PallisandBrandon Lawler,demonstrated their expertise throughoutthe entire process on behalf of our valued seller.
The final selling amount totaledan impressive$18.5 million,resultinginper unit pricingat$210227or$256 persquarefoot.Atthe timeof purchase,the occupancyrate stood atan outstanding97 percent.Palliscommented that “this particulartransaction provideda uniqueopportunityforourbuyersto acquirea highlypromisinggarden-style communityin a rapidlydevelopingneighborhood of Tacoma.”
Strategicallylocatedat3502 South Mason Avenue,the property offersconvenient accessibilitytothe region’smajor employers,including The Port of Tacoma,Boeing’s Frederickson and Kent plants,and Joint Base Lewis-McChord.Originallyconstructed in 1986,Bella Vista is comprisedof32 one-bedroom units withone bathroom eachand56 two-bedroom units withone bathroom each.
