Home Finance Bellwether Continues Acquisitions, Buys Marina Club Apartments in Des Moines, Wash., for...

Bellwether Continues Acquisitions, Buys Marina Club Apartments in Des Moines, Wash., for $21MM

Bellwether, Marina Club Apartments, Des Moines, Chief Seattle Club, North Seattle College, Plymouth Housing, Seattle
Courtesy of Marina Club Apartments

By Meghan Hall

Bellwether Housing is continuing to build on its mission to provide affordable and stable communities across the Pacific Northwest. In its second acquisition in recent months, the organization acquired the Marina Club Apartments in Des Moines, Wash., for $21 million, or about $272,727 per unit. The seller, according to public documents, were two Los Angeles-based limited liability companies affiliated with Greg Beach and Martha Nathan.

The property is located at 2445 S. 222nd St. Built in 1987, the complex includes 77 units that are a mix of one-, two- and three-bedrooms. Square footage ranges in size from about 580 square feet to 1,013 square feet, according to Apartments.com, while monthly rent begins at about $1,325 per month.

Apartment amenities include in-unit washer/dryers, fireplaces and large closets. Residents also have access to a fitness center, playground, clubhouse and on-site maintenance.

The complex is located in a largely residential neighborhood, just off of State Route 99. The Seawind Condominiums, Bay Club Apartments, as well as Mt. Rainier High School, Pacific Middle School and Midway Elementary are all located in the neighborhood. 

The acquisition of the Marina Bay Apartments is not Bellwether’s first in recent months. At the end of September, the organization acquired Kent’s The BLVD apartments for $28.2 million, or about $207,264 per unit.

Currently, Bellwether is also tackling a number of projects in the region. Most recently in June, Bellwether and the Chief Seattle Club kicked off a joint initiative to develop 200 units of Native-informed housing at North Seattle College. In the fall of 2020, Plymouth Housing and Bellwether broke ground on an affordable high-rise in Seattle’s First Hill neighborhood. The project totals 365 units.

Its acquisition of The BLVD in Kent is also part of a strategy to meet the “intense” need for affordable units. Bellwether intends to acquire an additional 2,500 homes by 2025. 

Since its founding in 1980, and after 40 years in business, the Bellwether has evolved into the Pacific Northwest’s largest nonprofit affordable housing provider. Over the course of its history, Bellwether has served more than 18,000 residents and has developed 10,000 homes as a development consultant for other nonprofits. Its current portfolio includes 2,200 apartments spread between 33 different buildings.