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September 21, 2023
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Washington Multifamily Property Traded for $299k/Unit


Insignia Apartments, a 162-unit residential community in Bremerton, WA, sold for $48.5 mil, or $299.4k/unit. The seller was Security Properties.

Photo: Jennifer Clark
Photo: Jennifer Clark
Built in 2017, Insignia Apartments is a garden-style multifamily community with 12 buildings on 6.9 acres, located at 1060 Insignia Loop. The units are all one- and two-bedroom floorplans with an average home size of 811 sf. Community amenities include a fitness center, rec room, playground and dog park.

The property is less than 10 minutes from downtown Bremerton and approximately 30 minutes from downtown Seattle via the Bremerton Fast Ferry. It is also near several large employers, including St. Michael Medical Center and Naval Base Kitsap, which has an express bus that boards next to the property.

Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE repped the seller in the deal. The buyer was not identified.

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