11 Capital Disposes of Two Student Housing Properties in Bellingham, Washington for $35.4M

by Amy Works

BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions.

The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale:

— University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway

— Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave.

— Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway

The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.

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