Berkadia Completes $47.6 Million Sale of Multifamily Property in Seattle
SEATTLE – January 21, 2022 – Berkadia announced today the sale of Canvas, a 123-unit garden-style multifamily housing property located in Seattle, Washington. Senior Managing Director Kenny Dudunakis, Senior Directors David Sorensen and Ben Johnson and Associate Director George Pallis of Berkadia Seattle Investment Sales completed the $47.6 million sale on behalf of the seller, Washington-based Goodman Real Estate. The buyer was California-based Essex Property Trust, Inc., and the deal closed on December 29, 2021.
“The sale of Canvas is a great example of the resurgence we are seeing in investor demand for multifamily properties in core Seattle neighborhoods,” said Sorensen. “As many renters began to move back to urban centers over the last year, rents rapidly increased and both institutional and private buyers have taken notice. This is a great addition to Essex’s sizable Seattle portfolio and an excellent result for the Goodman team as well. We are very excited to have played a role in this transaction.”
Located at 600 Elliot Ave. W, Canvas features one- and two-bedroom floor plans with in-unit washers and dryers and stainless steel appliances. Community amenities include a fitness center, a lounge and a parking garage. The property affords residents convenient access to Elliot Bay, Kinnear Park, downtown Seattle and the shops and restaurants along W Elliot Avenue.