Madison Residential Sells Seattle-Area Property

Berkadia has brokered the sale of the 105-unit apartment community located in Federal Way, Wash. The company represented the seller in the deal.
Align Apartments, Federal Way, Wash.

Redhill Realty Investors has acquired Align Apartments, a 105-unit community in Federal Way, Wash., for $20.9 million. Berkadia arranged the transaction on behalf of the seller, Madison Residential. The acquisition was financed with a $14.4 million Fannie Mae loan, Yardi Matrix data shows.

Located at 35434 25th Ave. SW, the 5.8-acre property is near downtown Tacoma and the Puget Sound, and provides access to Interstate 5. Built in 1991, the 11-building property comprises a mix of two- and three-bedroom units, averaging 988 square feet. Features of the units include fireplaces, balconies or decks, and in-unit washers and dryers. Community amenities include a fitness center, clubhouse, playground and pool.

“The greater Seattle MSA continues to be an attractive market for multifamily investors across the country,” said Ben Johnson, director of Berkadia’s Seattle office, in prepared statements.

Berkadia’s brokerage team included Johnson, Director David Sorensen and Senior Managing Director Kenny Dudunakis.

Image courtesy of Yardi Matrix