Investors Continue to Take Notice of Pacific Northwest Growth

An Olympia apartment community was recently acquired in a deal completed with the help of Berkadia.

The Pacific Northwest’s multifamily market continues to see activity, with a Tacoma-area multifamily property changing hands. Berkadia Senior Managing Director Kenny Dudunakis and Senior Director Jim Jensen of the company’s Seattle and Tacoma offices handled the transaction between buyer Hamilton Zanze & Co. and seller Bianco Properties. Acquisition financing of $19.8 million was arranged by Managing Director Clay Akiwenzie of Berkadia’s San Francisco office.

Apple Park

Apple Park

Apple Park Apartments is located at 3200 Capitol Mall Drive SW, roughly one mile away from the Capitol Village Shopping Center and a short distance away from downtown Olympia. Offering great proximity to State Route 101, the community is located in an area that features top employers such as the Washington State Department of Revenue, Thurston County Courthouse and Capital Medical Center. The 28-year-old asset offers residents an amenity package that includes a swimming pool, spa, clubhouse and fitness center.

Totaling 274 units, Apple Park is currently operating at around 95 percent occupancy. According to real estate research platform Yardi Matrix, the Seattle metro is one of the fastest-growing multifamily markets in the entire country, ranking behind only Portland, San Francisco, Denver and Sacramento in terms of year-over-year rent appreciation.