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June 16, 2016

$567,261: record price for Mercer Island units

Photos courtesy of Berkadia [enlarge]

Berkadia said the recent sale of 77 Central on Mercer Island set a per-unit record price for a mid-rise apartment building in this region: $567,261.

Seco Development of Renton sold the complex at 2630 77th Ave. S.E. to TIAA of San Francisco in a $97 million deal handled by Berkadia Senior Managing Director Kenny Dudunakis.

The 171-unit complex was built in 2008, designed by Mithun and built by Mego Construction.

Units range from studios to three bedrooms, with patios or decks, stainless steel appliances and granite countertops. A concierge is available, and residents share a catering kitchen, conference and banquet facility, business center, billiards parlor, fitness center, outdoor pool, barbecue area, and rooftop terrace.

Dudunakis said vacancy in the Seattle-Tacoma area fell 10 basis points to 4.3 percent in March, the lowest first quarter rate in more than two decades. Monthly asking rents rose 7.1 percent annually to $1,619.

Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corp.

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