CEP Multifamily has added another prime asset to its growing Pacific Northwest portfolio with the acquisition of The Kerf Apartments, a 196-unit luxury apartment community in Bellingham, Washington.
The $50.15 million purchase—roughly $255,867 per unit—was completed at a notable 35% discount to replacement cost. This acquisition represents the third purchase under CEP Multifamily Fund II and brings CEP’s total Washington footprint to 1,730 units across 12 properties.
A Modern Living Experience in the Heart of Bellingham
Completed in March 2024, The Kerf Apartments offers a contemporary mix of studio, open one-bedroom, one-bedroom, and two-bedroom units, including unique townhome and loft-style layouts. Each residence is designed with high-end finishes, large windows for abundant natural light, and in-unit laundry.
The community boasts an unmatched amenity package, including:
- A state-of-the-art fitness center
- Multiple coworking spaces and private meeting rooms
- Rooftop terrace with social lounge and kitchen
- Game room with golf simulator
- Pet spa and secure bike storage with repair stations
- Surface lot parking
Located in the vibrant Sehome neighborhood just south of downtown Bellingham, The Kerf offers residents easy access to local shops, restaurants, and cultural attractions, while maintaining close proximity to top regional employers in healthcare, education, technology, and manufacturing.
Why Bellingham? CEP’s Long-Term Vision
“Bellingham is a true gem of the Pacific Northwest—strategically located, economically resilient, and rich in both natural beauty and cultural character,” said Josh Jansen, CEO and Managing Partner at CEP Multifamily. “Kerf is a natural fit for our strategy to provide the region’s workforce with attainable, high-quality, well-located housing in high-growth markets.”
CEP’s investment approach focuses on workforce housing in supply-constrained submarkets with long-term economic stability. With over 3,000 units acquired to date and continued investor demand, the firm remains actively engaged in new acquisitions through CEP Multifamily Fund II.
The Kerf transaction was brokered by David Young, Corey Marx, and Chris Ross of JLL – Seattle.
About CEP Multifamily
CEP Multifamily is a vertically integrated real estate investment firm based in Everett, WA, offering accredited investors access to institutional-grade apartment communities. The firm focuses on delivering strong, risk-adjusted returns through cash-flowing, high-quality multifamily assets in the Pacific Northwest.
To learn more about CEP and current investment opportunities, visit www.cepmultifamily.com.
