Parkside Townhomes - Bellingham, WA
Core Single Family Rental Community
Marketing description
Colliers Capital Markets Group is pleased to present a core investment opportunity consisting of 36-modern townhomes built in 2024. Parkside’s floorplans appeal to a broad subset of renters, that are attracted to the larger, functional floorplans that complement their active lifestyle.
The 36 townhomes are individually parceled, providing optionality to sell-off individual townhomes in the future. Today, similar townhomes across the street are selling for $480k+ on average, 15% above guidance on Parkside.
The property has completed lease-up and should stabilize to a 5.50% cap rate as concessions offered during the initial lease-up burn down and operations normalize.
Investment highlights
SAFE HAVEN ASSET
2024 vintage, with high quality finishes and modern floorplans
36-TOWNHOMES ON SEPARATE TAX PARCELS
Stable rental demand with optionality to sell-off individually if single-family values continue skyrocketing
PRICED 15% BELOW RESALE TOWNHOME COMPS
Literally the same finishes, floorplans and location as townhomes selling for $480k+
ALL UNITS 2 BEDROOM X 2.5 BATH FLOORPLANS
Incredibly scarce supply of townhome rentals which appeal to a broad demographic of residents attracted to Bellingham for its active lifestyle
5.50% STABILIZED CAP RATE
Recent leases have been signed without any concessions and have hit pro-forma rents
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