RedHill Realty Purchases $72M WA Community
- Mar 08, 2019
RedHill Realty Investors has acquired The MIRO at Dash Point, a garden-style multifamily community in Federal Way, Wash., for $71.5 million. Berkadia arranged the sale on behalf of the seller, FPA Multifamily, and the buyer.
Located at 31004 19th Place SW, the property comprises 386 studio, one-, two- and three-bedroom floorplans. The apartments range from 430 to 1,324 square feet across 89, two-story buildings. Interior features include balcony/patios, fully-equipped kitchens, washer/dryers, ceiling fans, hardwood floors, window coverings, courtyard access and garages/carports. Common area amenities include:
- basketball court
- pool with lounge
- fitness center
- soccer field
- covered barbecue area
- bark park
- event space
- laundry facilities
- package receiving
- recreation room
- TV lounge
- business center
The Berkadia team included Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson.
“Our market displays some of the strongest fundamentals in the country that support workforce housing,” Johnson told Multi-Housing News. “As a result, we’ve been seeing attraction from investors in Federal Way and the surrounding South King County area. The strong interest is mainly driven by the growth in Seattle but also the Kent Valley, Port of Seattle and Tacoma.”
The community is conveniently located minutes from downtown Tacoma and the Puget Sound, as well as Interstate Route 5 and Dash Point State Park.
Earlier this month, Berkadia once again worked on behalf of FPA Multifamily to arrange the $76 million sale of ReNew at the Shops, a 400-unit garden-style multifamily property in Mission Viejo, Calif.
Images courtesy of Berkadia