Berkadia Completes $35.75 Million Sale of Multifamily Property in Washington
SEATTLE – July 13, 2022 – Berkadia announced today the sale of Align, a 105-unit multifamily housing property located in Federal Way, Washington. Managing Directors David Sorensen and Ben Johnson, Senior Managing Director Kenny Dudunakis, and Director George Pallis of Berkadia Seattle Investment Sales completed the $35.75 million sale on behalf of the seller, California-based Redhill Realty Investors, and the buyer, St. Regis Properties LLC, also based in California. The deal closed on June 30.
“Align is a very attractive garden-style asset with a great unit mix consisting of large floorplans that renters continue to seek out,” said Sorensen. “Along with its proximity to Tacoma, Seattle and the Kent Valley industrial corridor, Align has a proven value-add story and should provide the new owners significant upside going forward. We believe this is a great result for both sides and we are excited to have played a role in this transaction.”
Located at 35434 25th Ave. SW, Align features two- and three-bedroom floor plans with in-unit washers and dryers and private patios or balconies. Community amenities include a swimming pool, a fitness center, a clubhouse, a business center and a playground. The property affords residents convenient access to North Shore Golf Course, Wild Waves Theme and Water Park and the shops and restaurants near SW 356th Street.
Seattle-Area Apartment Property Sells for $35.75Mln | CRE Direct