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11/13/25
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Cascade Ridge, a 270-unit garden-style multifamily community in Silverdale, WA, traded hands in a $79.5 mil transaction. The asset, located at 1206 NW Tahoe Lane, was sold by Jackson Square Properties.
Cascade Ridge is situated on 16.53 acres in the heart of Silverdale, offering a mix of one-, two- and three-bedroom apartments, including townhome-style units. Originally constructed in 1992, the property features low-density living at 16 units per acre. Amenities include a swimming pool, clubhouse, fitness center with a climbing wall, package lockers, and a dog park.
The property is located minutes from Silverdale’s revitalized downtown core and adjacent to Kitsap Mall and the Kitsap Transit Center, offering residents convenient access to retail, transportation, and lifestyle amenities. Cascade Ridge is also near the newly opened $500 million St. Michael Medical Center and Kitsap Naval Base.
CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper represented the seller in the deal.
“Cascade Ridge represents a rare opportunity to acquire a high-quality multifamily asset in a supply-constrained market with strong fundamentals,” said Hanacek, vice chairman at CBRE. “With significant value-add potential and proximity to major employment drivers, the property is well-positioned for long-term growth.”
According to CBRE Research, the submarket has a limited supply pipeline: only 336 units are projected through 2029. This, combined with strong demographic trends and an average household income of $130k, supports continued rent growth.
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