LOS ANGELES and SEATTLE – December 16, 2019 – Berkadia today announced the sale of Colby Creek, a 336-unit garden-style multifamily property in Everett, Washington. Senior Managing Director Kenny Dudunakis and Senior Directors Benjamin Johnson and David Sorensen of Berkadia’s Seattle office completed the $80.35 million sale on behalf of the seller, California-based FSC Realty, LLC. The buyer was Canada-based RISE Properties Trust partnering with Aegon Real Assets US (Aegon RA), and the deal closed on November 20.
Senior Managing Director Ed Zimbler and Associate Director Ben Harris of Berkadia’s Los Angeles office also secured $58.5 million in acquisition financing via a seven-year floating rate Freddie Mac loan on behalf of Rise Properties Trust and Aegon RA.
“Colby Creek will be a great asset for Rise and Aegon RA,” said Johnson. “It provides the opportunity to execute their value-add strategy and takes advantage of positive market trends.”
“Berkadia was pleased to provide the financing on Colby Creek. The garden-style community in Everett is true workforce housing based on the rents, falling squarely within Freddie Mac’s mission,” said Harris. “We’re thrilled to assist RISE and Aegon RA with this acquisition financing as they continue to acquire workforce housing in the Seattle area.”
Located at 923 112th St. SW, Colby Creek features one-, two- and three-bedroom floor plans with in-unit washers and dryers and private patios or balconies. Community amenities include two swimming pools, two hot tubs, a playground, a media room, a picnic area, a fitness center and covered parking. The property affords convenient access to Highway 99, Thornton A. Sullivan Park and Everett Mall.