Seattle & Northwest + Seattle + Apartments | June 22, 2022

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.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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