Northmarq’s Seattle office finalizes $18.5M sale and financing of two-property multifamily portfolio

SEATTLE (May 9, 2024) — Northmarq’s Seattle Multifamily Investment Sales team of Tyler Smith, Steve Fischer and Joe Kinkopf successfully brokered the sale of a two-property portfolio in Port Orchard, Wash. for $18.5 million. The portfolio totals 92 units and consists of Timber Run Apartments (built in 1972) and The Jackson Apartments (built in 1978). Northmarq represented the seller, Port Orchard Portfolio LLC. The buyer was BJPO LLC, BTRPO LLC.

Ron Peterson, managing director in Northmarq’s Seattle-based regional office, arranged financing on behalf of the borrower through a correspondent relationship with a local credit union. The $10 million acquisition loan was structured on a 10-year term.

“Through resilience and strategic guidance, we facilitated a complex transaction, navigating challenges including a building fire, to exchange into the Port Orchard Portfolio,” said Smith. “Over a decade, we've empowered our client's growth from a novice investor to managing institutional-scale assets. Our Seattle IS team at Northmarq adeptly aligned two trade properties to trade into the Port Orchard portfolio, seamlessly connecting parties and achieving remarkable results.”

“We were very happy to work closely with our Investment Sales team to obtain excellent financing,” said Peterson. “We were able to obtain a low interest rate in a challenging rate environment that met the borrowers’ objectives.”

Located in the picturesque town of Port Orchard, The Jackson (34 units) and Timber Run (58 units) Apartments offer one- and two-bedroom apartment homes as well as townhomes with stainless steel appliances and in-unit washer and dryer. The newly renovated communities boast beautiful greenery with easy access to shopping, entertainment and schools. With views of the Olympic Mountains, residents enjoy a quiet sanctuary between Seattle and Olympic National Park.