Metro Seattle Asset Sells for $66M

1 min read

The 114-unit community on Bainbridge Island is LEED Gold certified.

BLIS Apartments

Cairn West has acquired BLIS Apartments, a 114-unit multifamily community in Bainbridge Island, Wash., in a $65.5 million transaction. Newmark Executive Managing Director Marty Leith brokered the deal for the seller, Sound West Group.

The buyer assumed the outstanding balance of a $35.8 million loan dating back to 2020, originated by Western & Southern Financial Group, according to Yardi Matrix data.

Completed in 2019 on a 1.4-acre site, BLIS Apartments is LEED Gold certified and encompasses six buildings with studios, one-, two- and three-bedroom units ranging between 504 and 1,712 square feet. Seven of the property’s total units are loft townhomes.

Common-area amenities include a fitness center, a community room, a rooftop deck, EV charging stations and grilling areas. In-unit amenities consist of stainless-steel appliances, washers and dryers, vinyl flooring and walk-in closets.

Located at 747 Hanami Lane NE, BLIS Apartments is near State Highway 305, providing easy access to the Seattle-Bainbridge Ferry and metro Seattle. There are many retail spaces, dining options and entertainment venues nearby along the Winslow Way E corridor, while the Bainbridge Island Historical Museum and Museum of Art are also within easy reach of the site.

Newmark recently brokered the $129 million sale of a 350-unit luxury multifamily community in Orlando, Fla. The brokerage represented the sellers, a joint venture of Legacy Partners, Phoenix Capital Management LLC and Silverpeak Real Estate Partners.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.