**CEP Multifamily Acquires Kerf Apartments in Bellingham for $50 Million**
Everett-based CEP Multifamily, a private equity real estate firm, has acquired the 196-unit Kerf Apartments located at 208 N. Samish Way in Bellingham, Washington. The seller was Seattle-based developer One Trent.
The acquisition was supported by private equity from CEP Multifamily Fund II and a $36.3 million loan from Fannie Mae. According to the Puget Sound Business Journal, the transaction reflects a per-unit sale price of roughly $255,867.
The deal was brokered by David Young, Corey Marx, and Chris Ross of JLL. One Trent completed the development of the Kerf Apartments in 2024. The complex offers a mix of studio, one-bedroom, and two-bedroom units ranging from 600 to 1,000 square feet.
Located in Bellingham’s Sehome neighborhood, the property provides convenient access to the region’s major employment sectors, including health care, government, education, manufacturing, technology, and the service industry.
