Berkadia announced today the sale of Evergreen Park, a garden-style multifamily property in Olympia, Washington. Associate Director Chad Blenzand Managing Directors Mitchell Belcher, Steven Chattin and Jay Timpani of Berkadia Seattle, led the transaction on behalf of the seller.The deal closed July 30.
Evergreen Park sold for $11.1 million, reflecting a per-unit price of $150,000. The property was 99 percent occupied at the time of the sale.
“The demographics and rent growth in Thurston County have been among the best in the Northwest and the sale of Evergreen Park further underscores the continued demand for value-add, garden-style properties in secondary markets, which continue to attract some of the most aggressive capital,” said Blenz.
Evergreen Park was built in 1979, partially renovated over the past year and features 74 one and two-bedroom units. Located at 2121 Evergreen Park Dr SW, the property is ideally situated just 5 minutes from downtown Olympia and minutes from Interstate 5, offering residents an array of neighborhood amenities and proximity to highly desired employment opportunities.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.