Home Finance 32-Unit Old Town Flats in Bellingham Sells for $7,625,000

32-Unit Old Town Flats in Bellingham Sells for $7,625,000

Summerfield Commercial, Whatcom County, MTA Curtner, Bellingham, Old Town Flats, Pacific Northwest, Bellingham Bay, Mount Baker

BELLINGHAM, WA – Summerfield Commercial is pleased to announce the sale of Old Town Flats, a brand new 32-unit community located in Whatcom County. MTA Curtner, L.P. purchased the property, which is located at 1000 Astor Street, Bellingham, WA. The Seller was Old Town Flats, LLP. Summerfield represented the Seller in this transaction and the brokers involved were Robert Parmar and Ryan Kidwell.

The property sold for $7,625,000 at a 5.1% cap rate. This translates to $238,281 per unit and $370 per square foot. The deal closed on April 17th, 2019.

Built in 2018, Old Town Flats is one of Bellingham’s most pristine multi-residential communities. Located in Bellingham’s ‘Old Town’ Historic District, Old Town Flats is 32 units consisting of studio, one, and two bedroom units plus one live/work space and one commercial space located on the ground level. The property includes secure entry, an interior elevator, and a gated surface lot and garage with 11 surface and 18 garage stalls. All residential units boast oversized windows, stainless steel appliances, high end finishes, dark wood cabinets complemented with granite countertops, and a washer and dryer. Select units also include a patio and most units have views of Downtown Bellingham, Bellingham Bay, or Mount Baker.

Old Town Flats is the third apartment sale brokered by Summerfield Commercial in the Bellingham Market in the past six months. Summerfield specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.