SEATTLE and ATLANTA – January 8, 2021 – Berkadia today announced the $37.75 million sale of The Woodlands, a 100-unit garden-style multifamily property in Snoqualmie, Washington. Senior Directors Ben Johnson and David Sorensen and Senior Managing Director Kenny Dudunakis of Berkadia’s Seattle office, along with Director Matthew White of Berkadia’s Atlanta office, together completed the sale on behalf of the seller, California-based Woodlands Townhomes, LLC. The buyer was Seattle-based Raymond Capital Advisors LLC, and the deal closed on December 18, 2020.
“The Snoqualmie Ridge market has seen continued pressure on occupancy during the COVID-19 pandemic, outperforming many of the surrounding markets and forecasts,” said Johnson. “The spacious townhome community will be sought after for years to come by residents and investors alike. We had the great fortune to work with great groups on both the buy and sell side of the transaction.”
Located at 34626 SE Swenson Drive, The Woodlands features two- and three-bedroom floor plans with in-unit washers and dryers and attached garages. Community amenities include a resident clubhouse with a fireplace lounge and a fitness center. The property affords residents convenient access to the North Bend Premium Outlets, Snoqualmie Community Park and Interstate 90.