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Dealmaker: Berkadia is negotiating a $19 million multifamily sale in Tacoma, Wash.

(Illustration courtesy of Berkadia)

Berkadia, New York, sold the 88-unit Bella Vista multifamily property in Tacoma, Washington for $18.5 million.

The transaction closed on May 7. The sale price reflects a price per unit of $210,227 or $256 per square foot. Bella Vista was 97 percent occupied at the time of the sale.

Senior Managing Director Kenny Dudunakis, Managing Directors Benjamin Johnson, David Sorensen and Jay Timpani and Principals George Pallis and Brandon Lawler of Berkadia Bellevue led the transaction on behalf of the seller.

“Bella Vista presented the buyer with an excellent opportunity to acquire a value-added garden-style community in a Tacoma neighborhood that is poised for growth,” Pallis said. “With the potential for significant return on investment through continued strategic renovations and the area’s robust employment, Bella Vista is a quality addition to the buyer’s portfolio.”

Lawler noted that the property had not changed hands in more than ten years. “Seeing another California buyer make a bet on Tacoma proves that the South Puget Sound market is still an attractive landing spot for out-of-state buyers looking to break into the Seattle market,” he said.

Located at 3502 South Mason Avenue, the property is close to some of the area’s top employers, including the Port of Tacoma, Boeing’s Frederickson and Kent plants, and Joint Base Lewis-McChord. Bella Vista was built in 1986 and includes 32 one-bedroom, one-bath units and 56 two-bedroom, one-bath units.