SEATTLE — September 19, 2019 — Berkadia today announced the sales of Huntington Park and The Orion, two multifamily properties in Washington. Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson of Berkadia’s Seattle office completed the sales on behalf of their respective sellers, and both deals closed on September 10.
Huntington Park is located at 9009 W Mall Drive in Everett, Washington. Berkadia completed the sale of this property to New York-based New York Life Insurance Company on behalf of an undisclosed seller. The 381-unit garden-style property features one-, two- and three-bedroom floor plans with private balconies and in-unit washers and dryers. Community amenities include a heated outdoor swimming pool and garage parking. Residents are afforded convenient access to Interstate 5 and the shops and restaurants along SE Everett Mall Way.
“Everett has become a highly sought-after submarket for institutional investors,” said Sorensen. “Huntington Park specifically, represents an excellent value-add opportunity for the buyer and provides the scale that will allow them to significantly increase their footprint in the Pacific Northwest.”
The Orion is located at 29 Saint Helens Ave. in Tacoma, Washington. Berkadia completed the $30.24 million sale of this property to Washington-based Curtis Capital Group on behalf of California-based Investors Management Group. The 168-unit midrise property features one- and two-bedroom floor plans with wood-style flooring. Community amenities include a rooftop terrace and a 24-hour fitness center. Residents are afforded convenient access to Wright Park, Commencement Bay and The Seymour Conservatory.
“Orion is a well-positioned asset in the Tacoma market,” said Johnson. “Located in the heart of the Stadium District, this apartment home community will continue to see strong rent growth and occupancy trends for the foreseeable future.”