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HB Management Acquires Barkley Apartment Homes From CEP Multifamily For $47.9M In Bellingham
SOLD
$48,000,000
+ 2
Washington
See Similar DealsMultiFamily
Sold 10/24/2025
SOLD
HB Management Acquires Barkley Apartment Homes From CEP Multifamily For $47.9M In Bellingham
3126 Racine Street
See Similar DealsMultiFamily
Sold 10/24/2025
+ 2
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale
The transaction involved the sale of a multi-family asset located at 3126 Racine Street, Bellingham, WA, comprising a total of 202 units. The selling price was $48,000,000, which translates to approximately $237,624 per unit.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $48,000,000
- Buyer: HB Management
- Seller: CEP Multifamily
- Brokers: Ryan Harmon, Anthony Palladino, Nicholas (Nick) Ruggiero, Giovanni Napoli & Philip Assouad - Institutional Property Advisors
- Units: 202
- Price Per Unit: $237,624
CEP Multifamily previously traded the Barkley Apartment Homes for $19.4 million in 2010, resulting in a significant increase in value over the years. The deal was facilitated by the brokers from Institutional Property Advisors, who represented the transaction's interests.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,560,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$170,533.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$227,544.49
Annual Debt Service$2,730,533.86
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