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August 13, 2020

Trent pays $5M for Bellingham O Zone site

By BRIAN MILLER
Real Estate Editor

Rendering by Clark Barnes [enlarge]
The project will replace two old motels with 169 apartments.

Local firm Trent Development has paid about $5.1 million for two old Bellingham motel properties, according to Whatcom County records.

The plan for 208 - 212 N. Samish Way, which is in a federally tax favored Opportunity Zone, is to redevelop with a new 169-unit apartment building.

Clark Barnes is designing the five-story, L-shaped building, which will replace the old Cascade Inn and Villa Inn. The seller of both motels was the Ghag family, which had acquired the two properties in 2000 and 2008 for about $3.8 million. The family's brokers weren't named.

The Bellingham Herald reported in March that the Villa, closed since December, had been illegally occupied by squatters. Both motels have been the cause for frequent police calls.

The deal was worth about $60 per square foot for almost 2 acres. The site, on the corner of Abbott Street, is in the Sehome neighborhood, just west of Interstate 5, at Exit 252.

The unnamed project will total about 151,000 square feet.

Trent and an unnamed partner will own the project, with an estimated value of $35 million to $40 million. That partner was represented by JP Real Estate Partners, also of Chicago, with Jay Schiesser and Matthew Williams as its brokers for the equity investment.

The same two parties are also working on the redevelopment and preservation of the Everett YMCA property. Clark Barnes is also the architect there.

Trent Mummery and Patrick Ashman lead Trent's Opportunity Zone arm. Its biggest current Seattle project is the former Seattle Curtain Co. redevelopment, with partner Bridge Investment Group, which will yield 274 units at 104 12th Ave., near Yesler Terrace.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




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