Berkadia Completes $61M Sale of Seattle Community

Carroll’s Creek Landing is in close proximity to various shopping options including Walmart, Best Buy and Target. The 288-unit community serves as military housing.
Carroll’s Creek Landing

Carroll’s Creek Landing

Berkadia secured the $60.7 million sale of Carroll’s Creek Landing, a 288-unit community in the Seattle suburb of Marysville, Wash. Senior Managing Director Kenny Dudunakis, and Directors Ben Johnson and David Sorensen of Berkadia’s Seattle office represented the seller, Gateway Trident LLC. JRK Property Holdings bought the property for $210,408 per unit.

Military housing

Located at 18111 25th NE Ave., in close proximity to Interstate five, the property offers convenient access to a mix of shopping options including Walmart, Target, Best Buy and Costco Wholesale. Additionally, various restaurant and entertainment venues such as J. Rudy York Memorial Park, Gissberg Twin Lakes, Portgage Creek Wildlife Reserve, Arlington Municipal Airport, Everett Naval Station and Boeing are situated nearby.

The 24, two-story buildings feature two-, three- and four-bedroom units ranging in size from 1,106 to 1,599 square feet. According to data provider Yardi Matrix, the military housing community was 96.9 percent occupied and had an average rental rate of $1,659 as of July. Common area amenities include:

  • a basketball court
  • 24-hour fitness center
  • a clubhouse
  • playground
  • 616 parking spaces
  • barbecue and picnic area

“With large floor plans at half the price of similar units in King County, Carroll’s Creek Landing offers a great living option for families in the area,” Dudunakis, said in a statement. “JRK Property Holdings specializes in providing attractive affordable housing, and we were excited to work with them on this acquisition.”

Image courtesy of Yardi Matrix

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