Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Berkadia Arranges Sale and Financing of Tacoma MultiFam Portfolio
Berkadia has announced the $73 million combined sales and $58 million combined financing secured for a three-property multifamily portfolio in Tacoma, WA. The communities, named Terra Heights, Vintage Apartments and Pennington, total 388 units.
Terra Heights sold for $54 million with $48 million in Berkadia-secured financing through ACORE Capital. The 252-unit garden style property feature studio, one- and two-bedroom floor plans. “Terra Heights will provide the new ownership a great value-add opportunity in one of the strongest performing markets in the Pacific Northwest,” said Berkadia’s Ben Johnson.
Vintage Apartments sold for $12 million and Berkadia secured $9 million in acquisition financing on behalf of the buyer. The 84-unit mid-rise community features studio and one-bedroom units.
Pennington, a 52-unit studio and one-bedroom multifamily complex built in 1931 sold for $7 million. The property was 94% occupied at the time of the sale.
- ◦Sale/Acquisition
- ◦Financing
