SEATTLE – August 18, 2021 – Berkadia today announced the sale of a two-property multifamily portfolio in Washington, consisting of The Row and The Union. Senior Managing Director Kenny Dudunakis, Senior Directors David Sorensen and Ben Johnson and Associate Director George Pallis of Berkadia Seattle completed the $85.45 million sale on behalf of the seller, California-based Gelt Inc. The deal closed on August 5.
“The Row and Union represent two very attractive investment opportunities located in South King County submarkets that have seen significant increases in both renter and investor demand over the past decade,” said Sorensen. “We have no doubt the new owners will do well with these properties going-forward. This was a good result for both buyer and seller alike.”
The properties in this portfolio include:
The Row is located at 25426 98th Ave. S in Kent, Washington. The 247-unit garden-style multifamily property features studio, one-, two- and three-bedroom floor plans with balconies and patios. Community amenities include a swimming pool, a fitness center, a business center, and a playground. The property affords residents convenient access to Interstate 5, Washington 18 and 167 and the shops and restaurants along 104th Avenue SE.
The Union is located at 2111 SW 352nd St. in Federal Way, Washington. The Union is a 244-unit garden-style multifamily property which features studio, one- and two-bedroom floor plans. Community amenities include a fitness center, a swimming pool, a sundeck, a business center, an outdoor area with grilling stations and laundry facilities. The property affords convenient access to Marine View Drive, West Hylebos Wetlands Park, North Shore Public Golf Course and Interstate 5.
Gelt Lands $85M for Seattle-Area Multifamily Portfolio | Multi-Housing News