Four Seattle-Area MF Complexes Enter Bankruptcy Proceedings

Keen-Summit Capital Partners LLC, a New York-based real estate brokerage and investment banking firm, has been retained to manage the sale of a multifamily real estate portfolio. The portfolio consists of four apartment complexes owned by Harbor Custom Development, which plans to liquidate its assets as part of the company’s Chapter 11 bankruptcy.

“With real estate activity burgeoning in the Pacific Northwest region, this premier multi-family portfolio is extremely attractive,” notes Matthew Bordwin, Principal and Co-President of Keen-Summit Capital Partners.

The portfolio includes the Belfair View Apartments, a 228-unit complex that is under development. Phase 1 of the project was completed in February 2023, and of those 126 units, 82 are occupied. Phase 2 of the property will deliver an additional 102 units.

The Bridgeview Trail Apartments in Port Orchard comprises 138 Units, with the property’s horizontal construction complete. The Meadowscape Apartments in Olympia were completed in 2023, and the property features 177 Units at 21 percent occupied. The 80-unit Pacific Ridge Apartments in Tacoma were completed in 2022 and currently stand at nearly 74 percent occupied.

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