(EDITOR’S NOTE: According to public documents filed with Whatcom County, the property located at 2100 Electric Ave. in Bellingham traded for $24,860,000, or roughly $221,974 per unit. The buyer is an entity associated with Royal Oak, Mich.-based Peak Management. The seller was an entity associated with Colleen Raymond and Theresa James of Seattle, Wa.)
BELLINGHAM, Wash., July 12, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Old Mill Village, a 112-unit multifamily property in Bellingham, Washington.
“Bellingham has fantastic multifamily investment market fundamentals,” said Ryan Harmon, IPA associate. “Over the past few years, the city’s diverse job base, strong in-migration and rising single-family home values let to strong apartment demand growth.” The transaction was facilitated by Harmon and IPA’s Philip Assouad, Giovanni Napoli, and Nicholas Ruggiero.
Built in phases between 1976 and 1984, Old Mill Village is a unique, 30-plus-acre property located on the shores of Lake Whatcom. Downtown Bellingham is 2.5 miles away and Bloedel Donovan Park is adjacent. Old Mill Village has a mix of one-, two- and three-bedroom apartment homes. Floor plans average 914 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.