East Bremerton apartments sell for $16.5M

(Kitsap Sun) An affordable apartment complex in East Bremerton sold for $16.5 million in April, according to county records.

The 172-unit Cottage Bay Apartment Homes, located across the street from Rolling Hills Golf Course on McWilliams Road, was purchased by a Los Angeles-based investment group.

The complex is subsidized with a federal low-income housing tax credit, which caps the amount property owners can charge for rent. Cottage Bay will remain locked in as affordable housing through 2034, according to the state Housing Finance Commission.

Here's a look at notable commercial real estate sales from the past four months, with details from county assessor's documents and additional research:

East Bremerton apartments — $16.5 million

  • Sale date: April 17
  • Assessed value: $5.5 million
  • Sold by: Rolling Hills Apartments LP to Post Cottage Bay LP
  • Description: A 72-unit apartment complex at 2500 NE McWilliams Road. Built in 1975.
  • Notes: The buyer is Post Investment Group of Los Angeles.

Navy HR building, Silverdale — $9.9 million

  • Sale date: April 20
  • Assessed value: $5.2 million
  • Sold by: Navy HR Center Office LLC to Boyd Silverdale GSA LLC
  • Description: A 44,000-square-foot building at 3230 NW Randall Way. Home to a Navy human resources office and a Bloodworks Northwest donor center.
  • Notes: Previously sold in 2014 for $7 million.

Future Bainbridge apartments — $8 million

  • Sale date: May 5
  • Assessed value: $3.2 million
  • Sold by: Bainbridge Landing LLC to Sound West Holdings LLC and Southwest Bainbridge Landing LLC
  • (The original owners of the property sold to Bainbridge Landing LLC on April 28.)
  • Description: A 4.7-acre property and single-family residence on Ferncliff Avenue, north of the Harbor Square condominiums and the ferry terminal.
  • Notes: Local developers Sound West Group and Olympic Property Group are partnering on a 140-unit housing complex for the property called Bainbridge Landing.

Lynwood Center properties — $6.3 million

  • Sale date: Feb. 27
  • Assessed value: $5.1 million
  • Sold by: Lynwood Commons LLC to Managed Investments LLC
  • Description: Three, 15,000-square-foot buildings on individual lots at the southwest corner of Lynwood Center Road and Baker Hill Road on Bainbridge Island. Home to Walt's Market.
  • Notes: Bainbridge City Councilwoman Sarah Blossom is listed as the principal of Lynwood Commons. The new owner is registered in Fife.

Midway Inn, Bremerton — $3.7 million

  • Sale date: Feb. 27
  • Assessed value: $3.4 million
  • Sold by: Midway Inn Corp. to Min and Jungs Brothers Inc.
  • Description: Motel at 2909 Wheaton Way. Built in 1984.

Mile Hill retail — $3.2 million

  • Sale date: April 12
  • Assessed value: $2.2 million
  • Sold by: Karka LLC to LIG Properties LLC
  • Description: A 12,000-square-foot strip mall at 1800 SE Mile Hill Drive. Built in 2008. Home to Dickey's Barbecue Pit.

United Rental building — $2.5 million

  • Sale date: Feb. 28
  • Assessed value: $1.4 million
  • Sold by: Ronald and Susan Mobley to McBeath Holdings LLC
  • Description: A 16,000-square-foot commercial building on 1 acre at 5950 Highway 303 in East Bremerton.

Kingston Starbucks and retail — $2.3 million

  • Sale date: March 20
  • Assessed value: $711,700
  • Sold by: Ronald and Susan Mobley to McBeath Holdings LLC
  • Description: A 4,200-square-foot Starbucks shop and Verizon store at 8211 Highway 104, just east of the Miller Bay Road intersection.
  • Notes: New construction. Starbucks opened there in 2015.

Sherwin-Williams, Poulsbo — $2.3 million

  • Sale date: March 24
  • Assessed value: NA (building not yet assessed)
  • Sold by: RIP Poulsbo LLC to Scott Poulsbo Properties LLC
  • Description: A new retail building on 0.5 acres at 18836 Highway 305, next to CVS. Home to a Sherwin-Williams paint store.
  • Notes: The Sherwin-Williams was developed alongside a Starbucks. Both opened this year.

© Gannett Co., Inc. 2017. All Rights Reserved


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