Berkadia Closes $145M Sale in Washington
The Class B property, Granite Pointe, was built in three phases between 2008 and 2017.
Granite Pointe, a 559-unit, garden-style multifamily property in Spokane Valley, Wash., has been sold to an unidentified buyer for $145 million.
Berkadia handled the sale of the property at 12707 E. Mansfield Ave. and secured more than $102.7 million in acquisition financing.
Berkadia only identified the seller as a Spokane, Wash.,-based developer. According to Yardi Matrix data, the most recent owner was William Lawson. Lawson is the president of A&A Construction & Development in Spokane. In October 2017, the Spokane Journal of Business reported A&A Construction was erecting Granite Pointe III for $17.9 million and had obtained building permits in May 2017. Yardi Matrix reported the Class B property, which was 95 percent occupied at the time of the sale, was built in three phases between 2008 and 2017.
Senior Managing Director Kenny Dudunakis, Managing Directors David Sorenson and Benjamin Johnson and Director George Pallis of Berkadia’s Bellevue, Wash., office completed the sale on behalf of the buyer.
Managing Director Allan Freedman, Senior Managing Director Ed Zimbler and Associate Director Nick Provost of Berkadia Los Angeles secured $102.7 million in acquisition financing. The four-year bridge loan was financed through an unidentified bank.
Pallis said in a prepared statement Granite Pointe is the largest asset in East Washington and will provide the buyer with immediate scale and ample upside moving froward as the Spokane market continues to expand at a rapid pace. Pallis said the transaction will set the stage for future core-plus trades in the market to come.
The property has 24 two- and three-story buildings on a 24-acre site. Granite Pointe features studios, one-, two- and three-bedroom floorplans ranging in size from 612 to 1,128 square feet with an average of 816 square feet. Rents range from $1,149 to $1,709 with an average of $1,311, according to Yardi Matrix data. The units have above-standard ceiling heights and private patios or balconies. Amenities include in-unit washers and dryers, microwave ovens in select units and high-speed internet access.
Community amenities includes a fitness center, movie theater, clubhouse, spa and outside storage. The property has 1,125 parking spaces and covered parking, including detached garages, is available for an additional monthly fee. There is an on-site rental office.
Residents have convenient access to the shops and restaurants near Interstate 90 and Route 27.
Also this month, the Berkadia team of Dudunakis, Sorenson, Johnson and Pallis represented Yuksel Inc., in the sale of Shoreline Village, a 216-unit multifamily community in Richland, Wash. Berkadia closed the $49 million deal on behalf of the buyer, 11 Capital.
In July, Dudunakis, Sorenson, Johnson and Pallis were part of a Berkadia team that completed the sale of Overlook at Lakemont, a 400-unit property in Bellevue, Wash., for $204.3 million. Berkadia closed the transaction behalf of the buyer, Acacia Capital Corp., and seller, Security Properties, which had owned the asset since June 2016.