Updated Oct 28, 2024
Gelt Inc. Sells 490-Unit Multifamily Property In Kent & Federal Way, WA For $85.5M
25426 98th Ave S, Kent, WA, USA
$85,500,000
Units
490
Asset Type
MultiFamily
Closing
Aug 19, 2021
About this deal
AI
The multifamily property located at 25426 98th Ave. & 2111 SW 352nd St. in Kent & Federal Way, Washington has been sold by Gelt Inc. The property consists of 490 units, with a sale price of $85,500,000. This equates to an average price per unit of $174,489.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $85,500,000
- Units: 490
- Price Per Unit: $174,489
The sale of this multifamily property was facilitated by Kenny Dudunakis, David Sorensen, Ben Johnson, and George Pallis of Berkadia, who represented Gelt Inc. in the transaction.
On the Map
$85,500,000
MultiFamily
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Players
Kent MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93