Berkadia Completes $35.45M Sale of Student Housing Properties Located in Bellingham, Washington
BELLINGHAM, WA – SEPTEMBER 20, 2023 – Berkadia Student Housing announced today the sale of WWU – Living Portfolio and The U located in Bellingham, Washington. Senior Managing Directors Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Managing Directors Steven Chattin, Mitchell Belcher, Jay Timpani, and Senior Directors Chad Blenz and Brandon Lawler of Berkadia Seattle led both sales on behalf of the seller, 11 Capital. The buyer was PTLA Corporation and the deals closed on September 1.
“The portfolio was 100 percent pre-leased upon closing—a great testament to the strength and velocity of the Bellingham market, and specifically Western Washington University,” said Chattin. “The depth of the market was significant for this portfolio, and both buyer and seller were flawless in their execution in commencing the sale of all four properties.”
The WWU – Living Portfolio sold for $29.2 million and consists of 145 units and three student housing properties for Western Washington University:
- University Heights includes 78-units and 114 beds and was built in 1982. The property is located at 2110 Bill McDonald Pkwy.
- Taylor Heights includes 16-units and 64 beds and was also built in 1982. The property is located at 2115 Taylor Ave.
- Viking Gardens Apartments includes 33-units and 132 beds and was built in 1993. The property is located at 2300 Bill McDonald Pkwy.
All of the properties within the portfolio were 87 percent occupied at the time of the sale.
The U sold for $6.25 million and includes 18 units, 61 beds, and was built in 1993. The property was 97 percent occupied at the time of the sale.