Home Finance Cairn West Acquires 114-Unit Apartment Building on Bainbridge Island for $65.5MM

Cairn West Acquires 114-Unit Apartment Building on Bainbridge Island for $65.5MM

Newmark, BLIS Apartments, Bainbridge Island, Sound West Group, Cairn West, Seattle

Seattle, WA — Newmark announces that it has completed the sale of BLIS Apartments, a 114-unit multifamily community located on Bainbridge Island, Washington.

The property traded from Sound West Group to Cairn West for $65.5 million. Newmark Executive Managing Director Marty Leith represented the seller.

“With easy connectivity to Seattle, Puget Sound and the mountains, BLIS Apartments represents the very best of Pacific Northwest living,” said Leith. “This prime location in a supply-constrained submarket led to extensive interest from a variety of investment profiles.”

Located at 747 Hanami Lane NE in Bainbridge Island, BLIS Apartments totals 114 units comprising 107 apartments and seven loft townhomes. The complex was built in 2019 and is situated on a 1.42-acre site. Unit interiors feature large laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets. Community amenities include a courtyard terrace, controlled entry access, fitness center, grilling stations, rooftop deck, EV charging stations, community spaces and conference room.

“We couldn’t be more proud of this project which achieved Gold LEED standard and included the creation of a city park on the adjacent property,” Wes Larson, CEO, Sound West Group commented. “We are pleased to transfer stewardship to a truly outstanding ownership group and trust they will carry it forward as the premier multifamily community on Bainbridge Island.”

Bainbridge Island is situated directly across Elliot Bay from Downtown Seattle. The Bainbridge Island Ferry Terminal is the primary connector to Seattle and a quick 35-minute sail across the Sound. Residents can also utilize State Highway 305 to connect to any metro in the region.

Winslow is the most active part of the island with a variety of local shops, restaurants, parks, great schools, museums, grocery stores, a marina and a golf course. The property is located just off the highly walkable Winslow Way with numerous cafes and retail outlets within walking or biking distance. Access to the ferry and public transportation are also within walking distance.

Investor appetite for U.S. multifamily assets surged during the second quarter of 2022 with $86.3 billion in sales volume, according to Newmark Research. This represented a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume during the first half of 2022 accelerated 53.1% compared with the first half of 2021. This uptick in activity was in part due to buyers and sellers deliberately transacting ahead of impending FOMC rate hikes and the mid-term elections later in the year.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022.

Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world.