Berkadia, a leading commercial real estate company, recently completed the sale of 720 Arthur in Kennewick, Washington. The property is a garden-style multifamily community consisting of 40 units and was sold for $6 million.
The transaction was led by Berkadia Seattle’s Managing Directors Steven Chattin, Mitchell Belcher and Jay Timpani along with Senior Directors Chad Blenz and Brandon Lawler. Associate Director Beau Krueger also played a key role in the deal on behalf of the seller.
At $146,250 per unit or $122 per square foot, this sale reflects an impressive price for the property which was built in 1976. All units are three-bedroom apartments with an average size of 1,200 square feet. Located in Kennewick – one of Tri-Cities’ most populous areas – residents at 720 Arthur enjoy convenient access to interstates as well as BNSF and UP railroads. Additionally,the property is close to airport facilities and commercial barge transportation services.
Chattin expressed his excitement about closing another successful apartment building deal amidst current market uncertainties saying “We are thrilled to successfully close yet another apartment building in Tri-Cities.” He further added that both parties were committed to ensuring a smooth closing process after going through competitive listing procedures; demonstrating continued strength within Tri-Cities markets.
This article originally appeared on Connect CRE.
