Dealmaker: Berkadia Negotiates $19M Multifamily Sale in Tacoma, Wash.

(Illustration courtesy of Berkadia)

Berkadia, New York, sold 88-unit multifamily property Bella Vista in Tacoma, Wash., for $18.5 million.

The transaction closed on May 7. The sales price reflects a per-unit price of $210,227 or $256 per square foot. Bella Vista was 97% occupied at the time of the sale.

Senior Managing Director Kenny Dudunakis, Managing Directors Benjamin Johnson, David Sorensen and Jay Timpani, Senior Director Brandon Lawler and Directors George Pallis of Berkadia Bellevue led the transaction on behalf of the seller.  

“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.”

Lawler noted the property has not changed hands in more than ten years. “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,” he said.

Located at 3502 South Mason Avenue, the property is close to some of the area’s top employers, including The Port of Tacoma, Boeing’s Frederickson and Kent plants and Joint Base Lewis-McChord. Bella Vista was built in 1986 and includes 32 one-bedroom and one-bathroom units and 56 two-bedroom and one-bathroom units.