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Seattle & Northwest  + Washington  + Apartments  |  July 8, 2025
Jasmine Kilman
By: Jasmine Kilman

CEP Multifamily Acquires Apartments in Bellingham for $50M

Everett-based CEP Multifamily, a private equity real estate firm, has acquired the 196-unit Kerf Apartments at 208 N. Samish Way from Seattle-based developer One Trent.

The company acquired the property with private equity from CEP Multifamily Fund II and a $36.3 million loan from Fannie Mae, reported the Puget Sound Business Journal. The sale worked out to $255,867 per unit.

JLL’s David Young, Corey Marx and Chris Ross arranged the transaction. One Trent completed development of the Kerf Apartments in 2024. The property has a mix of studio, one- and two-bedroom units ranging from 600 to 1,000 square feet.

The property is located in Bellingham’s Sehome neighborhood in close proximity to the area’s major employers in health care, government, education, manufacturing, technology and the service industry.

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CEP MultifamilyJLLOne Trent

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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