Dealmaker: Berkadia Brokers Two Sales Totaling $89M

Berkadia, New York, brokered two apartment property sales in Washington and Florida that totaled $89.2 million.

In Lynnwood, Wash., Berkadia Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson represented Goodman Real Estate, Seattle, when it sold 230-unit multifamily property Altia for $58 million. FSC Realty LLC, Beverly Hills, Calif., purchased the garden-style asset on March 26.

“Altia is well positioned in South Snohomish county along the path of growth,” Johnson said, noting the Lynnwood and Mill Creek submarkets have both seen strong performance over the past 24 months.

Located at 16520 Larch Way, Altia has one-, two- and three-bedroom floorplans close to the restaurants and shops along 164th Street SW.

Berkadia also represented Capstone Collegiate Communities, Birmingham, Ala., when it sold the Lofts at Seacrest Beach, a mid-rise multifamily property in Seacrest Beach, Fla. Berkadia Senior Director David Etchison worked with Senior Managing Directors David Oakley and Cole Whitaker and Director Mary Beale to complete the $31.2 million sale.

Berkadia Managing Director Tom Genetti secured buyer EBSCO Income Properties’ financing for the purchase.. The deal closed on March 27.

Etchison noted nearby demand drivers include Eglin Air Force Base, the largest Air Force base in the world. “These coastal markets have seen record rent growth and have been a very attractive option for investors,” he said.

Real Capital Analytics called this transaction the “new high water mark” on a price-per-unit basis for conventional multifamily properties in coastal markets from Texas to the Florida Panhandle.