Home Finance Security Properties Sells 162-Unit Apartment Community in Bremerton for $48.5MM

Security Properties Sells 162-Unit Apartment Community in Bremerton for $48.5MM

CBRE, Security Properties, Insignia Apartments, Bremerton

SEATTLE –– CBRE announced the $48.5 million sale of the Insignia Apartments in Bremerton, Washington, to a confidential buyer. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest-based multifamily team represented the seller, Security Properties.

Built in 2017, Insignia Apartments is a garden-style multifamily community with 12 buildings on 6.9 acres, located at 1060 Insignia Loop. One- and two-bedroom floorplans make up the 162 units with an average home size of 811 sq. ft. Community amenities include a fitness center, rec room, playground and dog park.

“Insignia attracted investor interest for its location in a popular, growing suburb that has its own compelling downtown area but is also easily accessible to downtown Seattle. Additionally, Bremerton’s historically tight apartment vacancy and limited future supply provide support for continued rent growth,” said Hanacek, vice chairman, CBRE.

The property is less than 10 minutes from downtown Bremerton and approximately 30 minutes from downtown Seattle via the Bremerton Fast Ferry. It is also near several large employers, including St. Michael Medical Center and Naval Base Kitsap, which has an express bus that boards next to the property.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.