Institutional Property Advisors Closes Seattle MSA Multifamily Asset Sale
October 24, 2025
BELLINGHAM, Wash., Oct. 23, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Barkley Apartment Homes, a 202-unit multifamily property in the Barkley neighborhood of Bellingham, Washington. The asset sold for $47.9 million, which equates to $237,129 per unit.
“This asset has been exceptionally well maintained over a long period of time by the seller and offers the buyer a rare opportunity to get immediate scale in a very desirable part of Bellingham,” said Ryan Harmon, IPA senior director investments. “The Barkley Village retail development is a five-minute walk away and acts as an additional amenity for residents, providing dining and shopping options as well as a movie theater.”
Harmon and IPA’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Anthony Palladino represented the seller, CEP Multifamily, and procured the local buyer, HB Management.
The property is a short drive from Downtown Bellingham, close to Interstate 5, and within walking distance of the Barkley Village shopping plaza. Employers such as Janicki Industries, PeaceHealth St. Joseph Medical Center, and Western Washington University are nearby.
Barkley Apartment Homes was built between 2001 and 2003 on over 10 acres. The 17- residential building property has a central leasing office, clubhouse, fitness center and a seasonal outdoor pool and spa. The one-, two- and three-bedroom floor plans have washers and dryers, private deck or patio, and storage space. The average unit size is 720 square feet.
“This asset has been exceptionally well maintained over a long period of time by the seller and offers the buyer a rare opportunity to get immediate scale in a very desirable part of Bellingham,” said Ryan Harmon, IPA senior director investments. “The Barkley Village retail development is a five-minute walk away and acts as an additional amenity for residents, providing dining and shopping options as well as a movie theater.”
Harmon and IPA’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Anthony Palladino represented the seller, CEP Multifamily, and procured the local buyer, HB Management.
The property is a short drive from Downtown Bellingham, close to Interstate 5, and within walking distance of the Barkley Village shopping plaza. Employers such as Janicki Industries, PeaceHealth St. Joseph Medical Center, and Western Washington University are nearby.
Barkley Apartment Homes was built between 2001 and 2003 on over 10 acres. The 17- residential building property has a central leasing office, clubhouse, fitness center and a seasonal outdoor pool and spa. The one-, two- and three-bedroom floor plans have washers and dryers, private deck or patio, and storage space. The average unit size is 720 square feet.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.