COSTA MESA, CA –The Mogharebi Group (“TMG”) has arranged the sale of Samish Station 1 & Samish Station 2, a 53-unit community in Bellingham, WA. Samish Station’s portfolio consists of a three-property community. Samish Station 1 sold for $10,030,000, with Samish Station 2 following the sale for $7,605,000, for a total of $17.635 Million, which equates to $332,735 per unit, the highest price per unit in Whatcom County history. Robert Parmar and Ryan Kidwell of The Mogharebi Group represented the Bellingham-based seller.
Built in 2019-2020, Samish Station 1 & 2 is a five-story, 53-unit apartment community. The property is located on Samish Way and 37th St in Bellingham, WA, and comprises of two residential buildings boasting a clubhouse with kitchen, fitness center, game rooms, sun deck, and community patio/ grill areas. Samish Station 1 & 2 are one mile away from Western Washington University, making it a prime location for students seeking off-campus housing in a rapidly growing city.
Currently, the demand for off-campus student housing has increased in Bellingham, WA demonstrating strong market fundamentals with a tight market vacancy of 1.5% and a 5% year-over-year growth. Samish Station 1 and 2 are 100% occupied through the 2021/2022 academic school year.
“The transaction was conducted at the local level. The seller was a local developer based in Bellingham, and the buyer group was also from there. Our longstanding relationships in the area coupled with specific market knowledge allowed us to match this quality asset with a group that plans to own generationally.” Said Ryan Kidwell Senior Vice President of The Mogharebi Group. “Samish Station is perfectly positioned to capitalize upon the continued growth of Western Washington University and the Bellingham market at large.” Kidwell added.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unparallel market knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.