HB Management Pays $48M for Seattle-Area Asset
This property previously traded in 2010 for a little over $19 million.
CEP Multifamily has sold Barkley Apartment Homes, a 202-unit multifamily property in Bellingham, Wash., for $47.9 million or $237,129 per unit. HB Management acquired the asset in a deal brokered by Institutional Property Advisors.
The property previously traded in December 2010, when The Molnar Group sold it for $19.4 million, Yardi Matrix information shows. The price per unit has more than doubled since then.
Located at 3126 Racine St., the community is 3 miles from Bellingham’s city center. The property is also within walking distance of the Barkley Village shopping plaza.
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The community is also adjacent to the Barkley Village mixed-use development, owned primarily by Talbot Group, Cascadia Daily News reported. The project recently received approvals for the construction of up to 3,000 more apartments, as well as new roads and a 40-acre park.
Completed in three phases between 2001 and 2003, Barkley Apartment Homes comprises 17 two- and three-story buildings across more than 10 acres. The unit mix has one-, two- and three-bedroom floorplans ranging between 400 and 1,093 square feet, with select layouts also featuring private balconies or patios.
Common-area amenities include a fitness center, swimming pool, hot tub and spa, as well as a clubhouse. The property also has pet stations and walking trails.
IPA Senior Directors Ryan Harmon and Anthony Palladino, along with Director Nick Ruggiero and Senior Managing Directors Giovanni Napoli and Philip Assouad, represented the seller and procured the buyer.
Seattle multifamily sales spike year-over-year
Seattle’s multifamily transactions volume year-to-date as of September totaled $3.3 billion from the 58 communities—9,936 units—that traded, Yardi Matrix shows. This marks a 150 percent increase compared to the $1.3 billion registered during the same timeframe of last year, when only 36 assets—5,842 apartments—changed hands. The average price per unit rose year-over-year, from $297,818 to $342,801.
In one of the largest transactions in the region so far this year, Security Properties paid $400.8 million for a five-property Seattle portfolio. Washington Holdings sold the 903-unit collection.
