11 Capital Sells Four Student Housing Properties Near Western Washington University for $35.4 Million

Bellingham, Wash. — 11 Capital has sold four student housing properties near Western Washington University (WWU) in Bellingham. PTLA Corp. acquired the communities for a total of $35.4 million. Kevin Larimer, Brandon Buell, Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia represented the seller in the dispositions. Transactions included the sale of WWU – Living Portfolio for $29.2 million. The portfolio consists of 145 units spread across three student housing properties, which were 87 percent occupied at the time of sale: University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway; Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave.; and Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway. The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.