Berkadia closed the sale of Bella Vista, an 88-unit, garden-style multifamily property in Tacoma, Washington, for $18.5 million. Senior Managing Director Kenny Dudunakis, Managing Directors Benjamin Johnson, David Sorensen, and Jay Timpani, and Directors George Pallis and Brandon Lawler of Berkadia Bellevue led the transaction on behalf of the seller.
The sales price reflects a per-unit price of $210,227 or $256 per square foot. The property was 97 percent occupied at the time of the sale.“Bella Vista provided an excellent opportunity for the buyer to acquire a value-add garden-style community in a neighborhood of Tacoma that is poised for growth,” said Pallis.
Located at 3502 South Mason Avenue, the property affords convenient access to some of the area’s largest employers, including The Port of Tacoma, Boeing’s Frederickson and Kent plants, and Joint Base Lewis-McChord. Bella Vista was built in 1986 and features 32 one-bedroom and one-bathroom units and 56 two-bedroom and one-bathroom units.
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