Berkadia Facilitates $133M Seattle-Area Sale

Senior Managing Director Kenny Dudunakis and Directors Ben Johnson and David Sorensen represented the seller of the 485-unit Shoreline community.

Ballinger Commons Apartment Homes
Ballinger Commons in Shoreline, Wash.

Berkadia has closed the $133.4 million sale of Ballinger Commons, a 485-unit community located in Shoreline, Wash. Senior Managing Director Kenny Dudunakis and Directors Ben Johnson and David Sorensen of Berkadia’s Seattle office worked on behalf of the seller, Essex Property Trust Inc.

Ballinger Commons is located on 78 acres at 2405 N 202nd Place and consists of 27 three-story buildings. Built in 1989, the community is approximately 13 miles from downtown Seattle. The pet-friendly property features one-, two- and three-bedroom units averaging 850 square feet.

Common area amenities include:

  • two outdoor pools
  • fitness center
  • clubhouse
  • spa
  • billiards table
  • sport courts
  • business center
  • playground

Additionally, the property offers 1,000 parking spaces. According to data provider Yardi Matrix, the community had an average rental rate of $1,688 and was 96.7 percent occupied as of December.

“Ballinger Commons is an incredible piece of real estate and, with nearly 80 acres, it’s the largest apartment site in the Northwest,” Dudunakis said in prepared remarks.

Berkadia also recently secured a $46 million bridge loan for The Quarters, a 336-unit, Class A student housing community in Iowa City, Iowa.

Image courtesy of Yardi Matrix

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