CEP is proud to announce that we recently acquired Four Pines Apartments, a newly constructed 96-unit apartment community in Burlington, WA. We believe this apartment community is an excellent fit for our partners and our core-plus investment strategy.
Skagit County and nearby Whatcom County have strong local economic fundamentals. They are directly linked to regional employment hubs, and the area offers a high quality of life while still being relatively affordable. There is a diverse labor pool, which we believe will help with long-term population and employment growth.
Four Pines offers a combination of studio, 1-bedroom, and 2-bedroom homes. Units include popular amenities like large floorplans, decks and patios, dishwashers, outside attached storage, vinyl plank floors, and in-unit washers and dryers. The pet-friendly community is easily accessible to major highways and includes a playground and community clubhouse.
We believe that the area’s population and employment growth trends will accelerate in the coming years. Four Pines Apartments is well-placed for workers and their families, including those who need to commute to Seattle, Bellevue, or Bellingham.
Four Pines is our second acquisition in Burlington. With this community, our Puget Sound portfolio has grown to 571 units. We purchased this newly constructed apartment community for $32.5 million, or $338,542 per unit.
At CEP Multifamily, we acquire market rate, suburban, multifamily housing communities in parts of the Northwest U.S. where we see future economic growth. We look for opportunities to improve the value of our properties through a disciplined approach to asset management and revenue-enhancing initiatives. Our goal is to generate compelling, risk-adjusted returns for our investors.
To learn more about our strategy, download our previous investment case studies.
