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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Beau Krueger
Associate Director
beau.krueger@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
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Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
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Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
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dual opportunity in
desirable community
Our Team
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Rare Dual-Opportunity Investment in Thinly-Traded Market Minutes from Downtown Tacoma
Address
City, State, Zip
Units
Year Built
Total Size
Parking
Parcel No.
Total Lot Size
County
2628-2638 Cascade PL W
University Place, WA 98466 34
1976
22,500 NRSF
31 covered spaces
0220101118
61,110 SF / 1.40 acres
Pierce
incredible upside and
per-unit pricing
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
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.
© 2023 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/.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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/ Bayswater is a 34-unit garden-style property with 1 and 2-bed units in classic condition, and ample parking across 1.40 acres
/ Situated in University Place, a Tacoma suburb along the Puget Sound waterfront and home to highly rated public schools, nationally-recognized Chambers Bay golf course
/ Two opportunities presented: continue affordable housing requirements or hold and reposition via renovation program
/ LIHTC restrictions end in 2025; significant delta between the current maximum allowable rents and area market rents, offering fantastic value-add upside
/ University Place is attractive to families due to its highly-rated public schools and easy access to employment
/ Average sale price for multifamily properties sold since 2019 in University Place is $192,536 per door, significantly above BaysWater pricing guidance
/ LIHTC regulatory agreement states that 100% of units must be rented at 60% AMI with restrictions running through December 2025
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/ In an area of high rental demand: 43% of housing units within 3-mile radius are renter-occupied
Rare Dual-Opportunity Investment in Thinly-Traded Market Minutes from Downtown Tacoma
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
/ In an area of high rental demand: 43% of housing units within 3-mile radius are renter-occupied
/ Tacoma, WA has been a high rental growth market with a 13% increase in the average rental rate over the past 24 months
/ New ownership provided guaranteed income stream with ability to raise rents to market rate and increase rents by 37%
Artur Otto
Associate Director
artur.otto@berkadia.com
/ Tacoma, WA has been a high rental growth market with a 13% increase in the average rental rate over the past 24 months, per Yardi
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
artur Otto
Associate Director
artur.otto@berkadia.com
Beau krueger
Associate Director
beau.krueger@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
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View Listings
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.
© 2023 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/.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
/ Pierce County has seen incredible income growth, with a 51% increase in the HUD Median Family Income from 2018 to 2023, directly resulting in same growth in the rent and income limits at the property
/ Pierce County has seen incredible income growth, with a 51% increase in the HUD Median Family Income from 2018 to 2023, directly resulting in same growth in the rent and income limits at the property
/ New ownership provided guaranteed income stream with ability to raise rents to market rate and increase rents by 37%
/ BaysWater allows entry into a thinly-traded market at a below-average price per unit with significant premiums to be realized
/ There have been only 8 multifamily trades within the city of University Place over the last five years; transactions average per-door price of $192k
/ BaysWater allows entry into a thinly-traded market at a below-average price per unit with significant premiums to be realized
/ There have been only 8 multifamily trades within the city of University Place over the last five years; transactions average per-door price of $192k
brandon grisham
Senior Managing Director
253.653.3313
brandon.grisham@berkadia.com
brandon grisham
Senior Managing Director
253.653.3313
brandon.grisham@berkadia.com