BELLINGHAM, WA – Summerfield Commercial is pleased to announce the sale of Cambridge Square Apartments, an 84-unit community located in Whatcom County. PTLA Real Estate Group purchased the property, which is located at 301 31st Street, Bellingham, WA. The Seller was Cambridge Square Apartments LLC. Summerfield Commercial Brokerage of Washington LLC represented both the Buyer and Seller in this transaction. The brokers involved were Robert Parmar and Ryan Kidwell.
The property sold for $9,800,000 at a 5.5% cap rate. The deal closed on October 31st, 2018.
Originally built in 1979, Cambridge Square consists of 36 one bedroom and 48 two bedroom units, with an average unit size of approximately 706 square feet. This low-rise community is spread across 4 buildings with each unit featuring a complete appliance package, double paned windows, a dining/study area, and a large deck or patio. The asset is located less than a mile from Western Washington University (the third largest college in Washington), is on a public bus line, and is within walking distance to major retail and dining making this an attractive location for student renters.
Summerfield Commercial specializes in the brokerage and property management of larger multifamily assets throughout the Pacific Northwest.