Summerfield Commercial is pleased to announce the successful closing of Harbor Side Apartments, a 26 unit community located in Blaine, WA. The property sold for $3,520,000 at a 5.0% cap rate. This translates to $135,384 per door and $139 per square foot. The deal closed on May 31st, 2019.
The asset was constructed in several phases: 1995 (10 units); 1998 (4 units); 2002 (6 units); and 2003 (6 units). The building is comprised of four one-bedroom units ranging from 650-680 SF and 22 two-bedroom units ranging from 890-1,242 SF. All units include a gas fire-place, washer and dryer, patio/balcony, dishwasher, refrigerator, microwave, and oven range. The property also includes carport parking with attached storage units and an onsite leasing office. Units are separately metered and tenants pay for their own water, gas, and electric.