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3202 South Mason Avenue

Updated Jul 17, 2025

Benedict Canyon Equities Acquires The Lodge At Madrona Multifamily In Tacoma For $84M
SOLDMultiFamily

Benedict Canyon Equities Acquires The Lodge At Madrona Multifamily In Tacoma For $84M

3202 South Mason Avenue

$84,000,000

$234/SF

Building Size

358,000 SF

Asset Type

MultiFamily

Closing

Jul 15, 2025

About this deal

AI

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.

On the Map

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$84,000,000

$234/SF

MultiFamily

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Players

Benedict Canyon Equities
Benedict Canyon EquitiesBuyer
Goodman Real Estate
Goodman Real EstateSeller

Tacoma MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $234 per square foot on a published $84M for 358,000 square feet (2025).

Browse Tacoma multifamily sales on Traded.

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

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