BREMERTON, WA – Summerfield Commercial is pleased to announce the sale of the Cedar Park Apartments, a 104-unit community in Kitsap County. Project S25 LLC purchased the property, which is located at 4020 Bledsoe Avenue, Bremerton, WA. The previous owner was Bremerton Apartments LLC. Summerfield Commercial Brokerage of Washington LLC represented the Buyer in this off-market transaction. The brokers involved were Ryan Kidwell and Robert Parmar.
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 specializes in the brokerage and property management of larger multifamily assets throughout the Pacific Northwest.