Berkadia Completes $204.25 Million Sale of Multifamily Property in Washington
BELLEVUE, Wash. and SEATTLE – July 19, 2022 – Berkadia Institutional Solutions announced today the sale of Overlook at Lakemont, a 400-unit multifamily housing property located in Bellevue, Washington. Senior Managing Director Kenny Dudunakis, Managing Directors David Sorensen and Ben Johnson and Director George Pallis of Berkadia Bellevue and Managing Director Jeff Williams and Associate Tim Brown of Berkadia Seattle Investment Sales completed the $204.25 million sale on behalf of the seller, Washington-based Security Properties Inc., and the buyer, California-based Acacia Capital Corporation. The deal closed on June 30.
“Overlook at Lakemont is a true core plus asset located in the middle of the flourishing Bellevue market,” said Johnson. “The steady growth on the Eastside will continue to assist in driving rental premiums at the community as the business plan is executed.”
Located at 5305 Lakemont Blvd. SE, Overlook at Lakemont features one-, two- and three-bedroom floor plans with walk-in closets, in-unit washers and dryers and private patios or balconies. Community amenities include a swimming pool, a clubhouse, two playgrounds and a basketball court. Residents are afforded convenient access to The Golf Club at Newcastle, Lakemont Community Park and the shops and restaurants near Lakemont Boulevard SE.