Berkadia Student Housing recently completed the sale of two student housing properties, the WWU – Living Portfolio and The U, located in Bellingham, Washington. Led by Senior Managing Directors Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Managing Directors Steven Chattin and Mitchell Belcher, as well as Jay Timpani and Senior Directors Chad Blenz and Brandon Lawler from Berkadia Seattle. The seller was 11 Capital.
The buyer was PTLA Corporation. According to Chattin, “The portfolio’s full occupancy upon closing is a strong indication of the thriving Bellingham market.”
The WWU – Living Portfolio sold for $29.2 million at 87% occupancy rate with a total of 145 units dedicated to Western Washington University students while The U sold for $6.25 million at an impressive 97% occupancy rate with its 18 units built in1993 accommodating up to61 beds.
