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Prime Repositioning Opportunity with Value-Add Upside in a Thinly Traded Market
Stabilized Asset with Long-Term Value
The property recently received significant upgrades, including new TPO roofing in 2023 to reduce capital expenditure risk and new siding as needed to improve curb appeal and structural integrity. Nearly every unit has been modernized with updated kitchens, flooring, and appliances to attract tenants.
Prime Location with Exceptional Connectivity
Located near I-5 and I-405, the property offers easy access to job centers in Seattle, Bellevue, and Everett, with additional connectivity via State Routes 99 and 524. The Lynnwood Link Extension provides Light Rail access to Seattle and SeaTac, over 60+ bus stops, and intercity connections via Amtrak and Sounder rail.
Thriving Local Economy
Anchored by healthcare, education, retail, and tourism, the area is home to major employers such as Swedish Edmonds Hospital, Edmonds School District, and Boeing’s Everett Production Facility just under 30 minutes away.
Strong Multifamily Market Fundamentals
The submarket serves a diverse renter base with a mix of affordable and high-end communities. Annual rent growth, though slowed to 2.2%, still outpaces the Seattle metro average of 1.4%, with light rail expansion expected to boost demand further.
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
David Sorensen
Managing Director
206.801.3102
david.sorensen@berkadia.com
Ben Johnson
Managing Director
206.801.3144
ben.johnson@berkadia.com
Chad Blenz
Senior Director
206.491.2008
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
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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.
© 2025 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit 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
21428 International Blvd
Kent, WA 98032
Year Built:
2004
Units:
96
residential buildings:
9
Stories:
3
Average Unit Size:
1,015
NRSF:
97,392
Lot Size:
5.47 acres
Parcel Number:
360722210031
Executive Summary:
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Berkadia is pleased to present Lion’s Gate, a premier investment opportunity with value-add upside, located just 1.5 miles east of Walla Walla’s Whitman College campus. Built in 2004, this 96-unit property features a diverse mix of one-, two-, and three-bedroom floorplans, catering to a wide range of renters. Beautifully landscaped with open lawn areas, shrubbery, and coniferous trees throughout the property, Lion’s Gate sits on an expansive 5.47 acres of land. The property offers ample parking, which includes 48 detached garage spaces, 166 open parking stalls, and 10 designated handicapped spaces, offering a strong parking ratio and additional rental income for new ownership.
The original unit finishes provide a prime opportunity for cosmetic renovations, unlocking the potential to greatly enhance the property’s value. In-unit amenities currently include private patios or balconies, ceiling fans, washer/dryers, and breakfast bars. Building amenities include a clubhouse with an onsite leasing office, a social room featuring a gas fireplace, a fitness center, an outdoor covered patio with BBQ, and a resident library.
Situated near downtown Walla Walla, Lion’s Gate offers convenient access to a vibrant mix of lifestyle and entertainment options, including local theaters, art galleries, and music venues. Supported by key industries such as retail trade, health care, and education, Walla Walla is home to major employers like Providence St. Mary’s, Whitman College, and KeyBank Technology with the average household income projected to grow by 15.1% over the next five years. Additionally, the wine industry is a significant contributor to the economy in the region, supporting 2,000 jobs at local wineries, vineyards, and tasting rooms.
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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2222 E Isaacs Ave
Walla Walla, WA 99362
Zoning:
GC
Map
Total parking spaces:
224
/ Lion’s Gate offers an optimal blend across 96 total units, 26% of which are 1-bedroom, 51% two bedroom, and 25% of which are three bedrooms, catering to a wide range renter pool in the market.
/ Secured, detached parking garage (48 total spaces) with 176 additional surface lots; parking income generates nearly $50,000 annually in additional topline rental income.
/ Thoughtfully designed and professionally managed with in-unit stackable washer/dryers, covered patios, through-wall air conditioning, breakfast bars, and a plethora of community amenities.
/ Built in 2004 with units in classic condition, there is immediate repositioning potential to bring all units up to market rate with minimal operational changes; further upside potential for a full renovation strategy under new ownership.
/ Strong submarket fundamentals provide for strong renter demand; 42% renter occupied units within two miles, 6% average annual effective rent increases over the last five years with further projections of 3.6% annually through 2029; 15.1% projected average household income growth to $96,121 by 2029.
/ Through implementation of full renovation scope, rent premiums of $175 per unit projected over in-place rents with 16% annual net operating increase in first year of completion.
/ Property offers a lower-density feel with nine mid-rise buildings spread across a single oversized parcel spanning 5.47 acres.
/ Conveniently located with neighborhood amenities located across the street including Alberstons grocery and Eastgate Lions Park, and immediate access to downtown Walla Walla, Whitman College, US Highway 12 and Walla Walla Regional Airport.
Beau krueger
Associate Director
425.765.6780
beau.krueger@berkadia.com
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Lot Size:
5.47 acres