CEP Multifamily Acquires Apartments in Bellingham for $50M
Everett-based CEP Multifamily, a private equity real estate firm, has acquired the 196-unit Kerf Apartments at 208 N. Samish Way from Seattle-based developer One Trent.
The company acquired the property with private equity from CEP Multifamily Fund II and a $36.3 million loan from Fannie Mae, reported the Puget Sound Business Journal. The sale worked out to $255,867 per unit.
JLL’s David Young, Corey Marx and Chris Ross arranged the transaction. One Trent completed development of the Kerf Apartments in 2024. The property has a mix of studio, one- and two-bedroom units ranging from 600 to 1,000 square feet.
The property is located in Bellingham’s Sehome neighborhood in close proximity to the area’s major employers in health care, government, education, manufacturing, technology and the service industry.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout