Summerfield Commercial is pleased to announce the successful closing of the Cedar Park Apartments, a 104 unit community located in Bremerton, WA. The property sold for $8,000,000 at a 6.6% cap rate. The deal closed on June 18th, 2018.
Originally built in 1975, Cedar Park consists of 20 one bedroom and 84 two bedroom units, with an average unit size of approximately 712 square feet. This garden-style community is spread across 7.12 acres and includes a clubhouse, swimming pool, volleyball court, basketball court, playground, and on-site laundry.
Summerfield Commercial Brokerage of Washington LLC represented the Buyer in this off-market transaction. The buyer plans a full renovation of the asset. The brokers involved were Ryan Kidwell and Robert Parmar. Summerfield Commercial specializes in larger multifamily brokerage throughout the Pacific Northwest.