Berkadia Sells and Finances 336-Unit Everett, WA Apartments
The release names no price, buyer, seller or lender, but pitches the 1989 and 1991 vintage property as a value-add play in the Seattle MSA.
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Berkadia has completed the sale of Canopy Apartments, a 336-unit, garden-style community at 923 112th St SW in Everett, Washington, and arranged the buyer’s acquisition financing, according to a release from the firm dated November 9. The deal closed on October 30.
Why it matters
Berkadia says the property drew investors looking for a scaled, institutional-quality value-add opportunity in the Seattle metro. Managing Director Benjamin Johnson said the seller’s renovation strategy positioned the property for a buyer who could pair near-term operational growth with Puget Sound fundamentals, per the release. Canopy sits between Mukilteo and Mill Creek, and Berkadia points to employment growth across aerospace, maritime and technology.
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The numbers
The release gives no sale price, loan amount, buyer, seller or lender. What it does disclose is the scale and vintage: 336 units built in 1989 and 1991. Berkadia’s Seattle team of Benjamin Johnson, David Sorensen, George Pallis and Peter Dudunakis represented the seller. Its Bellevue team of Connor Lemley, Robert Doxsee and Michael Manolides arranged the buyer’s financing.
What’s next
Lemley said the financing process drew options across the lending spectrum, from high-leverage bridge loans to stabilized permanent debt, and called the deal a sign of the liquidity available for high-quality assets with strong sponsorship. The release does not say which structure the buyer chose or what renovation is planned. Details beyond the release have not been made public. More deal coverage is on our national deals page.
Figures and quotes are from Berkadia’s release, as provided to The American Developer.
Quick answers
- Who bought and Finances 336-Unit Everett from Berkadia?
- Berkadia says it sold the 336-unit Canopy Apartments in Everett, Washington and arranged the buyer's financing. The deal closed October 30.
- Who is developing Canopy Apartments?
- Berkadia, according to Berkadia (press release).
- What are the key numbers for Canopy Apartments?
- Units: 336; Years built: 1989/1991; Closing date: Oct. 30.
On the record
The release discloses no price, loan amount, buyer, seller or lender. Canopy was built in 1989 and 1991, so its buildings are about 35 to 37 years old, which is the age profile behind the renovation-led pitch Berkadia describes.
Our data
Company announcement
- Berkadia (press release)Berkadia Completes Sale and Secures Financing for Multifamily Property in Everett, Washington A company statement, not independently confirmed.