Gelt Inc. Sells 490-Unit Multifamily Property In Kent & Federal Way, WA For $85.5M
SOLD
$85,500,000
+ 1
Washington
See Similar DealsMultiFamily
Sold 08/19/2021
SOLD
Gelt Inc. Sells 490-Unit Multifamily Property In Kent & Federal Way, WA For $85.5M
25426 98th Ave S, Kent, WA, USA
See Similar DealsMultiFamily
Sold 08/19/2021
+ 1
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,560,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$303,763.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$405,313.62
Annual Debt Service$4,863,763.44
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