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May 23, 2024
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Cairn West Completes $65 Mil Multifamily Buy in Washington


Cairn West purchased BLIS Apartments, a 114-unit multifamily community located on Bainbridge Island, WA, for $65.5 mil ($574.5k/unit). The property was sold by Sound West Group.

Located at 747 Hanami Lane NE in Bainbridge Island, BLIS Apartments totals 114 units comprising 107 apartments and seven loft townhomes. The complex was built in 2019 and is situated on a 1.42-acre site. Unit interiors feature large laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets. Community amenities include a courtyard terrace, controlled entry access, fitness center, grilling stations, rooftop deck, EV charging stations, community spaces and conference room.

Bainbridge Island is situated directly across Elliot Bay from Downtown Seattle. The Bainbridge Island Ferry Terminal is the primary connector to Seattle and a quick 35-minute sail across the Sound. Residents can also utilize State Highway 305 to connect to any metro in the region. Winslow is the most active part of the island with a variety of local shops, restaurants, parks, great schools, museums, grocery stores, a marina and a golf course. The property is located just off the highly walkable Winslow Way with numerous cafes and retail outlets within walking or biking distance. Access to the ferry and public transportation are also within walking distance.

Marty Leith with Newmark represented the seller in the deal.

Investor appetite for U.S. multifamily assets surged during the second quarter of 2022 with $86.3 bil in sales volume, according to Newmark Research. This represented a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume during the first half of 2022 accelerated 53.1% compared with the first half of 2021. This uptick in activity was in part due to buyers and sellers deliberately transacting ahead of impending FOMC rate hikes and the mid-term elections later in the year.

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