Bremerton, WA, May 11,2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cedar Glen Apartments and Maple Manor Apartments, a 144-unit apartment portfolio located in Bremerton, WA. The asset sold for $20,000,000 ($138,888 per unit, combined).
“Cedar Glen and Maple Manor provide an excellent value-add opportunity in a tight Kitsap County market. With the spread between rents for C class apartments and B class apartments the buyer will be able to capitalize on favorable suburban market conditions and achieve superior risk adjusted returns through a value-add renovation program,” commented Nate Kiger, Associate. Timothy Ufkes and Nate Kiger of the Ufkes Group in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a syndicator from Irvine, California, was secured and represented by Timothy Ufkes and Nate Kiger, investment specialists in Marcus & Millichap’s Seattle office.
Cedar Glen Apartments is located at 2511 Magnuson Court, Bremerton, WA and Maple Manor Apartments is located at 2700 Maple Street, Bremerton, WA. Cedar Glen was constructed in 1989, and Maple Manor was constructed in 1978.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.