Everett, WA, April 29, 2022 – CEP Multifamily announced their April 29, 2022, acquisition of Four Pines, a newly constructed, 96-unit apartment community in Burlington, WA. Four Pines is the second acquisition in the city of Burlington for the vertically integrated Everett-based firm and grows their existing North Puget Sound portfolio to 571 units. The acquisition price was $32.5 million ($338,542 per unit), according to Josh Jansen, CEP Multifamily’s President and Managing Partner.
“Four Pines is a perfect fit for our suburban, core-plus investment strategy,” said Jansen. “Skagit and Whatcom Counties offer a high quality of life, relative affordability, strong local economic fundamentals with direct linkages to regional employment hubs, and a diverse labor pool to support long-term population and employment growth…trends we believe will accelerate in the coming years.”
Ryan Harmon, Giovanni Napoli, and Philip Assouad of Institutional Property Advisors represented CEP Multifamily on the acquisition.