Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



PACIFIC NORTHWEST NEWS
Printer-friendly Version   Email an Associate
Local Investment Entity Pays $278k/Unit for Bellingham, WA Res Asset

12/16/22

A local family investment partnership paid $18.365 mil Samish Station 3, the 66-unit ($278k/unit), third and final phase of Samish Station, a 119-unit multifamily community in the Puget Sound city of Bellingham, WA. The buyer, a local family investment partnership, acquired the first two phases of the development earlier this year for $17.6 mil.

Samish Station offers a range of one- to four-bedroom units in three five-story apartment buildings on an 0.90-acre site at 109 N. Samish Way. Community amenities include a resident clubhouse with kitchen, a fitness center, a patio and grill area, study and lounge spaces, and game rooms.

Ryan Kidwell and Robert Parmar with The Mogharebi Group (TMG) represented the Bellingham-based developer-seller in the deal. TMG also arranged the sale of Samish Station 1 and Samish Station 2 in the second quarter for a total of $17.635 mil. The $332.7k/unit price in that transaction was the highest in Whatcom County history.

“The supply and demand dynamics are very favorable for Samish Station, and it’s evident in the tight market vacancy of 1.5% and 5% year-over-year rent growth with only 3.5% of existing inventory under construction,” commented Parmar. “In addition, the property benefits from its proximity to Western Washington University and the need for quality and affordable student housing.”

Western Washington University, which has an enrollment of more than 15,000 students, is only three minutes away from Samish Station. Community residents also enjoy very easy access to Interstate 5 and downtown Bellingham, which offers a wealth of restaurants and breweries, as well as a thriving arts scene. In addition to Bellingham Bay, other recreational destinations close to Samish Station include the 180-acre Sehome Hill Arboretum and the 240-acre Whatcom Falls Park.





Return to the Archive page


 
 
 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media