Real Estate: 171 units of new multi-family construction
Total Project Costs: $35-40M
Targeted 10 year IRR: 15%-20%
Sponsor: Qualified Local sponsor with Successful development track record.
Brief Summary:
The N. Samish Way development opportunity features a 84,000 SF site in Bellingham – the 12th largest city in
Washington State, ideally located between Seattle and Vancouver B.C. and home to Western Washington
University (“WWU”) with nearly 16,000 students. The proposed project will consist of 171 residential units
and roughly 5,880 SF of commercial/retail for a total of approximately 116,344 SF of net rentable area.
The project is eligible to participate in the Opportunity Zone Program which can deliver significant tax
advantages to investors. In addition, the project will benefit from Bellingham’s Multifamily Tax Exemption
program, which will waive property taxes on 100% of the residential improvements in exchange for
developing workforce housing.
The site is minutes from Downtown Bellingham and major employment centers. Located within
walking distance to WWU and Sehome Arboretum, the site provides easy access to public
transportation, restaurants, coffee shops, and grocery stores. It sits on a major transit corridor,
surrounded by retailers and hotels. Not only is it a great location for residents, but with its high
visibility and high traffic counts it is a sought-after retail location as well
Project Timeline
Start of Construction: December 2019
Completion Date: December 2021
Stabilization: October 2023