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Rentable SF
299k
BUilt
1978
Units
386
Berkadia Seattle Investment Sales is pleased to announce it has been retained as the exclusive listing broker for Miro, a 386-apartment home community built in 1978 and located in Federal Way, WA.
Miro stands as a high-end value-add opportunity, offering investors a well-established unit renovation blueprint to implement, alongside already completed enhancements to community amenities. The unique unit mix consists of one-, two-, and three-bedroom units, along with spacious three-bedroom duplex units.
Well positioned in the South Puget Sound, this garden-style community’s central location provides access to all major employment hubs in Tacoma, the Kent Valley, Seattle, and the Eastside via Highway 167, Interstate 5, and the Sounder Train.
Address
City, State, Zip
County
Parcel Numbers
Units
Construction Year
buildings
Stories
Site Size/Acreage
Rentable SF
Average Unit SF
Average Rent/Unit
Average Rent/SF
31004 19th Place SW
Federal Way, WA 98023
King
1221039006
1221039142
1221039141
386
1978
87 Apartment Buildings,
2 Non-Residential
One, Two, & Three
21.73 Acres
299,428 SF
776 SF
$1,766
$2.28
Opportunity
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Miro is a garden-style, partially renovated, multifamily community located in Federal Way, Washington. As part of the Adelaide neighborhood, this asset is in one of the best communities in Federal Way and provides easy access to the major employment centers in the Seattle MSA. The property consists of one-, two-, and three-bedroom apartments as well as spacious three-bedroom duplexes. Miro also has an abundance of amenities for residence to enjoy with a brand-new clubhouse, fitness center, special event space, outdoor seasonal pool, playground, basketball court, soccer field, dog park, and covered barbeque area.
Asset
One Bedroom
Two Bedroom
THree Bedroom
137 Units
170 Units
79 Units
591 SF
776 SF
1,098 SF
MIRO
Contact us.
Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Bellevue Office
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 loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities,
visit: https://www.berkadia.com/licensing/.
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
Lee Scott
Senior Director
858.275.5066
lee.scott@berkadia.com
Email
MORTGAGE BANKING
Miro presents investors with the opportunity to upgrade the majority of the community to achieve luxury-level rent premiums
Value-Add Opportunity
Renovated Premiums
In-Place Rents to
Berkadia Reno Pro Forma
$206
Potential NOI Growth
Dec. 2024
T-12 to Berkadia Reno Pro Forma
$1.56m
Current Renovated Unit
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EMAIL US
Visit Doc Center
Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
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 loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities,
visit: https://www.berkadia.com/licensing/.
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
31004 19th Place SW | Federal Way, WA 98023
Exclusive Multifamily Opportunity
Unique Unit Mix:
Miro Features 87 apartment buildings with an average SF of approximately 776 SF
Proven Value-Add:
The property has potential to increase rents $206 from in-place to Berkadia reno rents
Garden Style Community:
386 units in the Federal Way market spanning 22 acres
Limited Construction Pipeline:
Local regulations severely restricted the number of new multifamily construction projects since 1990, and there are no new construction projects over 20 units in the pipeline
Investment Highlights
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1234 Lorem Ipsum Avenue – Washington, DC 10001
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© 2022 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004