West Cairn acquired BLIS Apartments, a 114-unit multi-family community in Bainbridge Island, Washington, in a $65.5 million transaction. Newmark Executive Managing Director Marty Leith brokered the deal for the vendor, Sound West Group.
The buyer assumed the outstanding balance of a $35.8 million loan dating back to 2020, contracted by Western and Southern Financial Groupbased on Yardi Matrix data.
Completed in 2019 on a 1.4-acre site, BLIS Apartments is LEED Gold certified and comprises six buildings with studio, one-, two-, and three-bedroom units ranging from 504 to 1,712 square feet. Seven of the property’s total units are loft townhouses.
Common facilities include a fitness center, community room, rooftop terrace, electric vehicle charging stations, and grilling areas. In-unit amenities include stainless steel appliances, washers and dryers, vinyl flooring, and walk-in closets.
Located at 747 Hanami Lane NE, BLIS Apartments is close to State Highway 305, providing easy access to the Seattle-Bainbridge Ferry and the Seattle Metro. There are many nearby shopping, dining and entertainment venues along the Winslow Way E corridor, while the Bainbridge Island Historical Museum and Art Museum are also easily accessible from the site.
Newmark recently brokered the $129 million sale of a 350-unit luxury multi-family community in Orlando, Florida. The brokerage represented the sellers, a joint venture of Legacy Partners, Phoenix Capital Management LLC and Silverpeak Real Estate Partners.