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Seattle & Northwest  + Seattle  + Apartments  | 

Private Investors Find Favor in Suburban Arbour Court

The sale and financing is complete on Arbour Court, a 75-unit garden-style apartment community located in Burien, a suburb of Seattle. The property traded to a private group of local investors for $19.1 million.

Kenny Dudunakis, Ben Johnson and David Sorensen of Berkadia Seattle arranged the sale on behalf of the seller, Kuhar Bay Club LLC. Robert Doxsee and Michael Manolides of Berkadia Seattle along with Brad Williamson of Berkadia Miami arranged financing for the buyer. Berkadia secured a $15 million loan through New York-based Ready Capital.

“Arbour Court is an attractive property that is poised to take advantage of a rapidly growing South Seattle submarket and offers the new owner significant upside through a future value-add program. We believe this was a very successful result for the buyer and seller alike,” said Sorensen.

Built in 1990 and located 2225 S. 112th St., Arbour Court offers one-, two- and three-bedroom floorplans ranging from 700 square feet to 1,030 square feet.

“Our client wanted flexible terms that would allow them to not only acquire but also significantly improve the asset. We were able to secure competitive financing that gave them both a flexible four-year structure with full-term interest-only as well as provide funding for 100 percent of future CapEx,” said Doxsee.

Arbour Court is located just 30 minutes south of Seattle, providing access to all major freeways including I-5, I-405, I-18 and I-167. It is a short drive from the light rail, SeaTac Airport and Southcenter Mall.

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Inside The Story

David Sorensen

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition
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