BELLINGHAM, WASH. — CEP Multifamily has sold Barkley Apartment Homes to buyer HB Management for $47.9 million. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino arranged the sale. Barkley Apartment Homes is a 202-unit property in the Barkley neighborhood of Bellingham. The asset’s sale price equates to $237,129 per unit. CEP Multifamily is based in Everett, Washington, and HB Management is headquartered in Seattle.
Barkley Apartment Homes was built between 2001 and 2003 on approximately 10 acres. The 17-building property has a central leasing office, a clubhouse, a fitness center and a seasonal outdoor pool and hot tub. The one-, two- and three-bedroom floor plans have washers and dryers, private decks or patios and storage space. The average unit size is 720 square feet.