Summerfield Commercial is pleased to announce the successful closing of the Southgate Apartments, a 60 unit community located in Bellingham, WA. The property sold for $8,750,000 at a 5.4% cap rate. This translates to $146,834 per unit and $169 per square foot. The deal closed on April 1st, 2019.
Originally built in 2000, Southgate Apartments consists of 18 one bedroom, 24 two bedroom, and 18 three bedroom units with an average unit size of approximately 860 square feet. Each unit includes a complete kitchen appliance package, washer and dryer, and balcony/patio. The asset is ideally located for students attending Western Washington University, the third largest college in the state. Southgate is approximately one block south of the Lincoln Creek Park & Ride, a 500+ vehicle parking lot with direct shuttle service to and from Western’s campus, as well as other routes providing access throughout the greater Bellingham area.
Summerfield represented both the Buyer and Seller in this transaction and the brokers involved were Robert Parmar and Ryan Kidwell. Southgate Apartments is the second apartment sale brokered by Summerfield Commercial in close proximity to Western Washington University in the past six months. Summerfield specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.