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July 14, 2022

Unpriced sale in Bellingham

Institutional Property Advisors brokered both sides of a recent apartment sale up in Whatcom County, which recorded the transaction but not the price. The 112-unit Old Mill Village, on the west shore of Lake Whatcom, sold to an LLC associated with Investors Equity Group of Michigan. The sellers were Seattle investors who acquired the property in 2016 for almost $9.4 million. IPA's team consisted of Ryan Harmon, Nick Ruggiero, Philip Assouad and Giovanni Napoli. Harmon said of the Bellingham market, “Over the past few years, the city's diverse job base, strong in-migration and rising single-family home values let to strong apartment demand growth.” The complex was developed in 1976 and 1984 over 30 acres.




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