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Berkadia Negotiates $30M Sale of Midrise Multifamily in Downtown Bellevue
Berkadia has completed the sale of Sylva on Main, a 74-unit midrise multifamily property in Bellevue, Washington.
Managing Directors Ben Johnson and David Sorensen, Senior Managing Director Kenny Dudunakis, Director George Pallis, and Associate Director Peter Dudunakis of Berkadia Seattle led the transaction on behalf of the seller, Seattle-based Security Properties.
Sylva on Main sold for $30 million to Rise Properties Trust, reflecting a per-unit price of $405,405. Located at 10701 Main Street in the heart of downtown Bellevue, Sylva on Main was built in 2011 and featured 74 units with two retail suites.
“We are incredibly thankful and appreciative to have had the opportunity to work with the seller and buyer on this disposition,” said Johnson. “Sylva on Main represents a rare opportunity in Bellevue, given its prime location downtown and its unique architecture. With the continued expansion of companies on the eastside, this asset is poised to see immense success in the coming years.”
