TMG Facilitates $18M Sale of Bellingham Apartment Community

Southern California-based commercial real estate brokerage firm The Mogharebi Group (TMG) has arranged the $18.35 million sale of Samish Station 3, a 66-unit multifamily community in Bellingham, WA. The buyer, a local family investment group, already acquired the first two phases of Samish Station earlier this year.

The complex offers a range of one- to four-bedroom units in a trio of five story buildings, and features community amenities that include a clubhouse with kitchen, fitness center, patio and grill area, study and lounge spaces and game rooms.

“The supply and demand dynamics are very favorable for Samish Station, and it’s evident in the tight market vacancy of 1.5% and year-over-year rent growth of 5%,” said TMG’s Robert Parmar who represented the seller, along with the firm’s Ryan Kidwell. “In addition, the property benefits from its proximity to Western Washington University and the need for quality and affordable student housing.”