Metro Seattle Asset Sells for $66M

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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.

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