Investors Dig Deep for Multifamily
Berkadia senior partner Kenny Dudunakis (snapped here at a Bisnow event), tells us that buyers remain active in the Seattle metro area because of the availability of Class-A, institutional-grade apartment product and annual job creation well above 3%. And investor interest is only getting deeper, with buyers looking for assets beyond core markets. Recently Goodman Real Estate of Seattle acquired the 230-unit Eagles Landing Apartments in Tacoma for more than $18M.
Sellers are now eager to do deals, too, Kenny adds (because it takes two to real estate tango). "The average price per unit in the market has appreciated 7.5% in the past 12 months, which is encouraging owners to monetize their investment and bolstering deal flow," Kenny says. Along with SVP Jim Jensen of Berkadia's Tacoma office, Kenny negotiated the sale of Eagles Landing Apartments, which is currently 98% occupied.