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12/16/22
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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.
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