Seattle-Area Multifamily Trades for $65M

BAINBRIDGE ISLAND, WA – Real estate investment and development firm Cairn West has acquired a 114-unit multifamily community on Bainbridge Island in Washington from Sound West Group for $65.5 million.

The asset, BLIS Apartments, offers 107 apartments and seven loft townhomes situated on a 1.42-acre site. Built in 2019, the community features a courtyard terrace, controlled entry access, a fitness center, grilling stations, a rooftop deck, EV charging stations, community spaces and conference room. The units feature laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets.

“We couldn’t be more proud of this project, which achieved Gold LEED standard and included the creation of a city park on the adjacent property,” states Wes Larson, CEO of Sound West Group. “We are pleased to transfer stewardship to a truly outstanding ownership group and trust they will carry it forward as the premier multifamily community on Bainbridge Island.”

Located at 747 Hanami Lane NE, the complex is situated directly across Elliot Bay from downtown Seattle, which is accessible via the Bainbridge Island Ferry Terminal or State Highway 305. The community is situated off of Winslow Way and within walking distance to the ferry, public transportation and various local shops and restaurants.

Newmark arranged the sale and the firm’s executive managing director Marty Leith represented the seller in the transaction.

“With easy connectivity to Seattle, Puget Sound and the mountains, BLIS Apartments represents the very best of Pacific Northwest living,” says Leith. “This prime location in a supply-constrained submarket led to extensive interest from a variety of investment profiles.”

According to Newark research, US multifamily investor interest surged during Q2 2022, with $86.3 billion in sales volume, which represented a 42.4% year-over-year increase.