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Two-Property MF Portfolio in Port Orchard Sells for $18.5M
Northmarq’s Seattle Multifamily Investment Sales team of Tyler Smith, Steve Fischer and Joe Kinkopf brokered the sale of a two-property portfolio in Port Orchard, Washington, for $18.5 million.
The portfolio totals 92 units and consists of Timber Run Apartments and The Jackson Apartments. Northmarq represented the seller, Port Orchard Portfolio LLC. The buyer was BJPO LLC, BTRPO LLC. “Through resilience and strategic guidance, we facilitated a complex transaction, navigating challenges including a building fire, to exchange into the Port Orchard Portfolio,” said Smith.
Ron Peterson, managing director in Northmarq’s Seattle-based regional office, arranged financing on behalf of the borrower through a correspondent relationship with a local credit union. The $10 million acquisition loan was structured on a 10-year term. “We were able to obtain a low interest rate in a challenging rate environment that met the borrowers’ objectives,” said Peterson.
