Seattle-Area Military Housing Community Trades for $72M
Newmark originated $44 million in Freddie Mac financing for the acquisition.
The Accend Cos. has acquired Wellstone at Bridgeport, a 208-unit off-base, military and executive housing community in Lakewood, Wash.
According to public records, Momentum Partners Inc. sold the property for $72.4 million. Additionally, Newmark originated a $44 million Freddie Mac acquisition loan, set to mature in 2028. The new owner appointed Allied Orion Group to manage the asset.
Situated at 12535 Bridgeport Way SW, the community is less than a mile from Interstate 5 and roughly 40 miles south of downtown Seattle. The property is also close to McChord AFB, Camp Murray Washington and Fort Lewis.
Wellstone at Bridgeport features one- and two-bedroom floorplans with common-area amenities including a pool, playground, picnic and grilling area, bike storage, as well as reservable garages and carports. The pet-friendly property provides flexible leasing terms ranging from one month to 15 months and shared living options with separate leases.
At the beginning of the year, The Accend Cos. tapped Allied Orion Group to manage three off-base military and corporate housing communities. The collection comprised assets in San Antonio, Tampa, Fla., and Norfolk, Va.