Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Berkadia Completes $35M Sale of Bellingham Student Housing Properties
Berkadia Student Housing has sold the WWU – Living Portfolio and The U located in Bellingham, Washington. Senior Managing Directors Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Managing Directors Steven Chattin, Mitchell Belcher, Jay Timpani, and Senior Directors Chad Blenz and Brandon Lawler of Berkadia Seattle, led both sales on behalf of the seller, 11 Capital.
The buyer was PTLA Corporation. “The portfolio was 100 percent pre-leased upon closing—a great testament to the strength and velocity of the Bellingham market, and specifically Western Washington University,” said Chattin.
The WWU – Living Portfolio sold for $29.2 million and consists of 145 units and three student housing properties for Western Washington University. The properties were 87 percent occupied at the time of the sale. The U sold for $6.25 million and includes 18 units, 61 beds, and was built in 1993. The property was 97 percent occupied at the time of the sale.
