TACOMA, WA—Berkadia recently completed the sale of Lakeside Landing, a multifamily property located at 1414 South Mildred Street in Tacoma. Senior managing director Kenny Dudunakis of the Seattle office and senior director Jim Jensen of the Tacoma office facilitated the sale on July 15. The buyer was Hamilton Zanze & Company of San Francisco.

Built in 1969, the 450-unit property features one- and two-bedroom floor plans. Unit amenities include balconies or patios, vaulted ceilings, and cable and internet access. Community amenities include a swimming pool, Jacuzzi, laundry facility, clubhouse, fitness center, barbecues and a controlled-access gate. The property was 95% occupied at the time of sale.

“Tacoma has been a strong secondary market to date in 2015, and Hamilton Zanze & Company was looking for a property like Lakeside Landing that has strong value-add potential," Dudunakis said. Lakeside Landing, located near Washington State Route 16, is less than one mile from Tacoma Community College and approximately four miles from downtown Tacoma. The area's top employers are Multicare Health System, True Blue Inc., and St. Joseph Hospital & Medical Center. Seattle-Tacoma metro-wide vacancy reached 4.5% in the first quarter, 30 basis points lower than the close of 2014. Operators advanced rents 6.5% annually to $1,490 per month in March.