Kerf

JLL, as an exclusive advisor, is pleased to present the outstanding opportunity to acquire a newly constructed institutional apartment community with luxury-grade features located in Bellingham, WA.

Built in 2024, Kerf (the “Property”, “Subject”, or “Kerf”) consists of 196 studio, open one-bedroom, one-bedroom, and two-bedroom units. The Property consists of numerous community amenities including a fitness center, game room, theater spaces, pet spa, community kitchen, and rooftop terrace. The units are best-in-class featuring quartz countertops, tile backsplash, designer lighting, wood-style flooring, walk-in closets, and balconies and private outdoor terraces in select units.

The Property is located within a mile of Interstate-5, providing residents easy access to all the major employers of Bellingham, the nearby submarkets of Mount Vernon and Everett, and the greater Puget Sound area. Bellingham’s economy is heavily driven by Western Washington University and its nearly 15,000 students. Being less than 5 minutes from the university, Kerf is perfectly positioned to benefit from the university’s large student population. In addition to Western Washington University, Bellingham features several other prominent employers including St Joseph’s Hospital, British Petroleum, and the headquarters of Haggen Food & Pharmacy.

New ownership will also benefit from the Property’s participation in Bellingham’s Multifamily Tax Exemption (MFTE) program. The program allows Ownership to pay abated real estate taxes through 2032. There is no affordability requirement to participate in the Bellingham 8-year MFTE program.