Berkadia announces it has arranged the sale and financing of Dakota Apartments, a 156-unit, garden-style apartment community located approximately six miles outside of the state capital of Olympia, Washington. Senior Directors Ben Johnson and David Sorensen, Associate Director George Pallis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle, represented the seller, Bellevue based, American Capital Group.
Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins of Berkadia Boca Raton, along with Managing Director Brad Williamson of Berkadia Miami, secured acquisition financing on behalf of the buyer, TruAmerica Multifamily, a Los Angeles-based investment firm.
A bank lender provided a fixed-rate loan with a five-year term.
“The Dakota Apartments offered investors with a rare opportunity to acquire a post-2000 construction multifamily property with a proven value-add potential, in a strong location that is projected to continue to grow,” said Johnson. “This asset is the ideal size, location and vintage for investors looking to expand their presence or plant a flag in the Pacific Northwest.”
Added Sinberg, “Thurston County’s multifamily market benefits from strong surrounding demographics and the stable economic drivers of the State Capital and Joint Base Lewis-McChord.”
Located at 6205 Pacific Avenue and built in 2006, the Dakota Apartments offer one- and two-bedroom apartments averaging 756 square feet to 1,089 square feet. The prior owner had renovated 71 of the original units, allowing the new owner the opportunity to complete the full renovation and repositioning of the property. Individual units feature vinyl flooring, ceiling fans, stainless steel appliances, pantries, built in bookshelves, linen closets, washer and dryers, patio or balconies. The gated community amenities include an outdoor swimming pool, hot tub, sundeck and cabana, a playground, resident lounge with kitchen, billiards table and game room, a fitness center, theater room, and assigned and covered parking.
Located approximately six miles east of downtown Olympia in Lacey, the Dakota Apartments are in one of the state’s most affluent metro areas, with surrounding median income of nearly $75,000 and median home sales approaching $500,000. It is close to Saint Martin’s University, Providence St. Peter Hospital, the Woodland Creek Golf Course and the Woodland Creek Park.