Berkadia Completes $33 Million Sale of Multifamily Property in Washington
SEATTLE – January 20, 2022 – Berkadia announced today the sale of Madison at Rivers Edge, a 120-unit garden-style multifamily housing property located in Auburn, 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 $33 million sale on behalf of the seller. The buyer was Washington-based LEDG Capital, and the deal closed on December 16, 2021.
“Madison at Rivers Edge is a well-located apartment home community that is providing the new ownership with a unique opportunity to execute their business plan,” said Johnson. “It was a pleasure representing the seller and seeing the sale process through from start to finish.”
Located at 1741 22nd St. NE, Madison at Rivers Edge features two- and three-bedroom floor plans with in-unit washers and dryers and a yard. Community amenities include a swimming pool, a fitness center, a clubhouse and a courtyard. The property affords residents convenient access to Auburn Municipal Airport, Auburn Golf Course, Brannan Park and the shops and restaurants along Auburn Way N.