An Everett-based real estate company has purchased an 171-unit apartment complex in Bellingham’s Birchwood Neighborhood for $16 million.
Coast Equity Partners acquired the Brampton Court Apartments, located at 1470 Birchwood Ave., south of the Bellingham Golf and Country Club. Among Coast Equity’s partners is Dino Rossi, the two-time Republican gubernatorial candidate and former U.S. Senate candidate who has a long history in commercial real estate.
The firm’s other partners include Mike Harmon, Shawn Hoban, Tom Hoban and Josh Jansen.
Brampton Court was owned by Hollander Investments of Bellingham, a firm owned by Mike Hollander and his son, Mark. The Hollanders built the complex in 1990. They were represented in the sale by Troy Muljat of The Muljat Group in Bellingham.
Muljat said residential sales on this scale in Bellingham are few and far between. The broker was also involved in a 2010 transaction when Coast Equity Partners bought the Barkley Trails and Barkley Park Apartments, located at 3126 Racine St., for $19.4 million.
“Bellingham is really limited on the amount of large apartment complexes that exist,” Muljat said. “So, they don’t sell very often.”
Hollander Investments also recently sold the 91-room Best Western Heritage Inn in Bellingham to a Seattle company for about $9.1 million, according to the Puget Sound Business Journal.
It still owns the Bellingham Towers in downtown Bellingham, as well as hotels in Puyallup, Tacoma and Portland, Ore., according to the company’s website.
For Coast Equity Partners, of its 700 apartment units in the Puget Sound area, nearly 400 of them are located in Bellingham, according to the company.
Mike Harmon, who serves as the company’s president, said in a statement that Coast Equity takes pride in being part of the Bellingham community.
“We are strong believers in the strength of Bellingham’s economy; the city is progressive and its population educated,” Harmon said.
Evan Marczynski, lead reporter for the Bellingham Business Journal, can be reached at 360-647-8805 or firstname.lastname@example.org.