Institutional Property Advisors (IPA), a division of Marcus & Millichap, has closed the sale of Old Mill Village, a 112-unit apartment complex in Bellingham, WA. Built in phases between 1976 and 1984, The 30-acre property is situated on the shores of Lake Whatcom.

“Bellingham has fantastic multifamily investment market fundamentals,” said IPA Associate Ryan Harmon, who facilitated the deal along with Philip Assouad, Giovanni Napoli and Nicholas Ruggiero. “Over the past few years, the city’s diverse job base, strong in-migration and rising single-family home values led to strong apartment demand growth.”

Old Mill Village is comprised of a mix of one-, two- and three-bedroom units, averaging 914 square feet. The property is located about 3 miles from Downtown Bellingham and is adjacent to Bloedel Donovan Park.