Berkadia announces it has arranged the sale and financing of Arbour Court, a 75-unit garden-style apartment community located in Burien, a suburb of Seattle, Wash. The property traded for $19.1 million.
Senior Managing Director Kenny Dudunakis and Senior Directors Ben Johnson and David Sorensen of Berkadia Seattle arranged the sale on behalf of the seller, Kuhar Bay Club LLC.
Managing Director Robert Doxsee and Associate Director Michael Manolides of Berkadia Seattle, and Managing Director Brad Williamson of Berkadia Miami, arranged financing for the buyer, a private group of local investors. Berkadia secured a $15 million loan through New York-based Ready Capital.
“Arbour Court is an attractive property that is poised to take advantage of a rapidly growing South Seattle submarket and offers the new owner significant upside through a future value-add program. We believe this was a very successful result for the buyer and seller alike,” said Sorensen.
“Our client wanted flexible terms that would allow them to not only acquire, but also significantly improve the asset. We were able to secure competitive financing that gave them both a flexible 4-year structure with full term interest-only, as well as provide funding for 100% of future CapEx,” said Doxsee.
Built in 1990 and located 2225 S 112th St, Arbour Court offers one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units feature gourmet kitchens, fireplaces, large walk-in closets and in-unit washer and dryer. Shared community amenities include an indoor pool, sauna, and fitness center.
Arbour Court is ideally located just 30 minutes south of Seattle, with access to all major freeways including I-5, I-405, I-18, and I-167. It is also just a short drive from the light rail, SeaTac Airport, and Southcenter Mall.