Berkadia Brokers Sale of 2 Puget Sound Communities
- Sep 24, 2019
Berkadia has closed the sales of the 381-unit Huntington Park in Everett, Wash., and the 168-unit The Orion in Tacoma, Wash. New York Life Insurance Co. is the new owner of the first asset is, while Curtis Capital Group purchased the latter for $30.2 million from Investors Management Group.
Senior Managing Director Kenny Dudunakis, together with Senior Directors David Sorensen and Ben Johnson, worked on behalf of the sellers in both transactions. Earlier this year, the same team closed the $58 million sale of Altia, a 230-unit community in the Seattle suburb of Lynnwood, Wash.
Well-located value-add deals
Located at 9009 W. Mall Drive adjacent to a Walmart Supercenter, Huntington Park is less than a mile from Interstate 5 and roughly 25 miles from downtown Seattle. According to Yardi Matrix data, Starwood Capital Group is the former owner of the asset. The community comprises one-, two- and three-bedroom apartments in 27 two- and three-story buildings completed in 1991. Amenities include a pool, fitness center and clubhouse. The asset was 96.3 percent occupied as of August, per Yardi Matrix.
The Orion is situated at 29 St. Helens Ave. and consists of one- and two-bedroom apartments with 525- and 650-square-foot floorplans in a 15-story building completed in 1979. The gated community is within walking distance of retail and dining options, with downtown Seattle less than 35 miles away. Amenities include a rooftop terrace, pet washing station and fitness facility. Per Yardi Matrix data, the asset was 96.4 percent occupied as of August.
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