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Benedict Canyon Equities Acquires The Lodge At Madrona Multifamily In Tacoma For $84M
SOLD
$84,000,000
Washington
See Similar DealsMultiFamily358,000 SF
Sold 07/15/2025
SOLD
Benedict Canyon Equities Acquires The Lodge At Madrona Multifamily In Tacoma For $84M
3202 South Mason Avenue
See Similar DealsMultiFamily358,000 SF
Sold 07/15/2025
Summary
WASHINGTON
Asset Type:MultiFamily
Price Per Square Foot:$234
Total Square Footage:358,000 SF
Transaction Type:Sale
The property asset involved in the transaction is a MultiFamily asset located at 3202 South Mason Avenue, Tacoma, WA. The sale amount was $84,000,000, and the total square footage of the property is 358,000, which equates to a price per square foot of $235.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $84,000,000
- Address: 3202 South Mason Avenue
- Market: Tacoma, WA
- Total Square Footage: 358,000
- Price Per Square Foot: $235
- Buyer: Benedict Canyon Equities
- Seller: Goodman Real Estate
Goodman Real Estate sold The Lodge at Madrona for approximately $84 million to an entity linked to Benedict Canyon Equities, which now holds ownership of 2,723 units across Washington. Despite ongoing sales and a lawsuit regarding its Addison on Fourth property, Goodman Real Estate is actively pursuing 17 developments in Pierce County.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,480,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$298,434.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$398,202.85
Annual Debt Service$4,778,434.26
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