Berkadia Handles $82M Sales of Puget Sound MFs | Connect Commercial Real Estate

U.S. Rise Properties, Elan Mgt Buy Multifamily Properties for $81.6 Mln | InvestSize

SEATTLE — July 2, 2019 — Berkadia today announced the $59.35 million in the combined sales of Bryson Square and Meridian Garden, two garden-style multifamily properties in Kent, Washington, and the $22.25 million sale of Crew Apartments, a garden-style multifamily property in Seattle. Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson, all of Berkadia’s Seattle office, completed the three sales, which totaled $81.6 million.

For Bryson Square and Meridian Garden, the seller was Campbell, California-based Elan Multifamily Investments, and the buyer was Seattle-based Rise Properties Trust. Both deals closed on June 10.

Berkadia represented the seller in the $43.25 sale of Bryson Square. Located at 24006 108^th Place SE, the property features 198 units of one-, two- and three-bedroom floor plans with vaulted ceilings, carpeted floors, window coverings and spacious walk-in closets. Community amenities include a spa and a hot tub, a fitness center with a tanning bed, a pool and a resident lounge.

Located at 13101 SE 240^th St., Meridian Garden features 80 units of one- and two-bedroom floor plans with in-unit washers and dryers, private balconies or patios and wood-burning fireplaces. Community amenities include a swimming pool, a fitness center, a clubhouse and a business center. Berkadia represented both the buyer and the seller in this $16.1 million sale.

Residents of both properties are afforded convenient access to Turnkey Park, North Green River Park and Service Club Community Park and Ballfields.

“Given the strong operational projections, the sales of Bryson Square and Meridian Garden presented a great opportunity for the buyer to acquire the two properties in Kent Valley. The deal was a strategic execution for all parties involved,” said Johnson.

The same Berkadia team represented the seller, Seattle-based Goodman Real Estate, in the sale of Crew Apartments. The buyer was San Francisco-based Elan Management, and the deal closed on June 12.

Located at 8228 Green Lake Drive N., Crew Apartments features 70 units of studio-, one- and two-bedroom floor plans with stainless steel kitchen appliances, a dishwasher, an oven and walk-in closets. Community amenities include a rooftop lounge, a barbecue area and a bike storage and repair station. Residents are afforded convenient access to the Green Lake, Woodland Park and Woodland Park Zoo.

“The Green Lake neighborhood, with its central location and unique amenities, has always been one of the most desirable areas in Seattle,” said Sorensen. “Crew Apartments provided the buyers the opportunity to own a brand-new property in an area that will always be attractive to both renters and investors alike.”