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Berkadia Negotiates $6M Kennewick MF Property Sale
Berkadia closed the sale of 720 Arthur, a 40-unit, garden-style multifamily community in Kennewick, Washington. Managing Directors Steven Chattin, Mitchell Belcher, and Jay Timpani, Senior Directors Chad Blenz and Brandon Lawler, and Associate Director Beau Krueger of Berkadia Seattle led the transaction on behalf of the seller.
The sales price reflects a per-unit price of $146,250 or $122 per square foot. The property was built in 1976 and is comprised entirely of three-bedroom apartments averaging 1,200 square feet. Located in the most populous of the Tri-Cities, 720 Arthur offers direct access to interstates, BNSF and UP railroads, airport, and commercial barge transportation.
“We are thrilled to successfully close yet another apartment building in the Tri-Cities, especially given the current turbulent markets,” said Chattin. “Both seller and buyer were committed to a smooth closing after a competitive listing process, a bode to the continued strength of the Tri-Cities markets.”
