Investors Eye Smaller WA Markets
Investors want to be in Washington multifamily markets outside Seattle, and for good reason, Berkadia Seattle office senior managing partner Kenny Dudunakis (snapped at a Bisnow event) tells us. The demand for apartments is widespread. Kenny, along with senior director Jim Jensen of the Tacoma office, negotiated the recent sale of Arbor Square, a multifamily property at 606 Lilly Rd NE in Olympia.
Hamilton Zanze of S.F. was the buyer; an affiliate of Missouri-based Bianco Properties was the seller. Kenny says the deal was an opportunity for both buyer and seller to capitalize on an active market. The buyer has invested in the Olympia area for more than 10 years, he adds, and it has plans to renovate the interior and exterior of the property for a long-term hold.
