SEATTLE — April 19, 2022 — Berkadia announced today the sale of Huntington Park, a 381-unit garden-style multifamily property located in Everett, Washington. Managing Directors David Sorensen and Benjamin Johnson, Senior Managing Director Kenny Dudunakis and Associate Director George Pallis of Berkadia Seattle completed the sale on behalf of the seller, an advisory client of New York Life Real Estate Investors, and the buyer, Washington-based Everett Housing Authority. The deal closed on March 11.
“The sale of Huntington Park represents another great example of how suburban multifamily properties of scale are among the most highly sought-after investment opportunities in the commercial real estate space,” said Sorensen. “Between institutional groups, well-capitalized private groups and nonprofit organizations, demand is incredibly strong for assets like Huntington Park, and this was definitely proven during the course of our marketing campaign. The seller was rewarded for the significant improvements they made to the property, and the buyer will be able to further their mission of protecting and creating housing for renters of all income levels. This was truly a win for both sides and we feel very fortunate to have played a role in this transaction.”
Located at 9009 W Mall Drive, Huntington Park features one-, two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. Community amenities include a swimming pool, a fitness center and a dog park. The property affords residents convenient access to Everett Mall and the shops and restaurants near Route 99.