Terra
EXCLUSIVE MULTIFAMILY OPPORTUNITY
2111 SW 352nd St | Federal Way, WA, 98023
OPPORTUNITY
Berkadia Seattle Investment Sales is pleased to announce it has been retained as the exclusive listing broker for Terra Apartment Homes in Federal Way, WA.
Terra Apartment Homes, featuring 244 units and built in 1984, offers immediate scale for value-add investors. This high-quality asset offers the opportunity to either maintain the current renovation scope or pursue a premium upgrade strategy by installing in-unit washers and dryers to drive enhanced returns. Due to local legislation that has discouraged developers from building in Federal Way, the market is undersupplied with high-quality multifamily homes. Terra Apartment Homes is strategically positioned in a market with limited supply and new construction, enabling it to capitalize on a premium value-add plan.
Situated in Federal Way, the property provides convenient access to major employers in Tacoma, the Kent Valley, SeaTac, Seattle, and Bellevue. The area is now benefiting from the completed Federal Way Link Light Rail extension, which connects to the established regional rail network and provides direct, efficient commutes to SeaTac Airport and downtown Seattle.
- ADDRESS
- CITY, STATE, ZIP
- COUNTY
- PARCEL NUMBERS
- UNITS
- YEAR BUILT
- BUILDINGS
- STORIES
- SITE SIZE/ACREAGE
- RENTABLE SF
- AVERAGE UNIT SF
- AVERAGE MARKET RENT
- AVERAGE MARKET RENT/SF
INVESTMENT HIGHLIGHTS
Quality Asset with Scale: 244 One-, and two-bedroom apartment homes built in 1984
Undersupplied Market: 0 Market rate 50+ unit projects in the pipeline through 2028 with only 450 units delivered in the last 25 years
Value-Add Opportunity: $214+ Unrenovated in-place rents to Berkadia reno pro forma
Strategic Location: 3.5 Miles from Federal Way Transit Center
244
units
1984
BUILT
642
AVG SF
ASSET
Terra Apartment Homes, built in 1984, offers a sought-after range of floorplans with studio, one-, and two-bedroom homes. The property boasts a variety of amenities designed to enhance the residents’ experience, including a fitness center, swimming pool with sundeck, playground, and business center. Residents can also enjoy a modern clubhouse, 24-hour laundry center, dog park, and outdoor grilling and picnic area, making Terra Apartment Homes a well-rounded community for comfortable living.
Studio
33 Units
432 SF
1 BEDROOM
150 Units
606 SF
2 BEDROOM
61 Units
847 SF
VALUE-ADD OPPORTUNITY
Terra Apartment Homes provides an opportunity for a premium value-add with luxury finishes and in-unit washers and dryers, offering significant growth potential. The 71 unrenovated units and 118 partially renovated units provide a widespread value-add opportunity. Backed by community demand, investors can capitalize on the need for high-quality properties. Terra Apartment Homes also presents an opportunity to improve parking to include carports to drive enhanced returns.
RENOVATION BREAKDOWN
Standard units
71
Partially Renovated Units
118
Renovated Units
55
$214+
Renovated Premiums In-Place Rents to
Berkadia Reno Pro Forma
Berkadia Reno Pro Forma
$617k
Potential NOI Growth April T-12 to
Berkadia Reno Pro Forma
Berkadia Reno Pro Forma
Current Renovated Unit
Contact Us
Investment Sales
BEN JOHNSON
Managing Director
WA CRE #114515
206.801.3144
[email protected]
DAVID SORENSEN
Managing Director
WA CRE #26603
206.801.3102
[email protected]
GEORGE PALLIS
Senior Director
WA CRE #138339
206.801.3070
[email protected]
PETER DUDUNAKIS
Associate Director
WA CRE #24008898
206.795.4169
[email protected]
Mortgage Bankers
ROBERT DOXSEE
Managing Director
786.646.2580
[email protected]
MICHAEL MANOLIDES
Senior Director
253.670.2143
[email protected]
Bellevue Office
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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