Kerf Acquired by CEP Multifamily in $50.15 Million Deal

Deal News | Jul 07, 2025 | EIN

Kerf Acquired by CEP Multifamily in $50.15 Million Deal

CEP Multifamily, a vertically integrated real estate investment firm based in Everett, WA, has expanded its footprint in the Pacific Northwest with the acquisition of The Kerf Apartments in Bellingham, WA. This newly constructed luxury apartment community comprises 196 units and offers diverse floor plans and a comprehensive amenity package. The acquisition, priced at $50.15 million, is CEP's 24th in Washington and further grows its portfolio to 1,730 units. This marks the third acquisition for CEP's latest fund, CEP Multifamily Fund II. The strategic location in Bellingham's Sehome neighborhood provides residents convenient access to key urban amenities and employment hubs. The deal was brokered by JLL - Seattle, represented by David Young, Corey Marx, and Chris Ross.

Sectors

  • Real Estate
  • Investment Management

Geography

  • United States – The article is based in the United States, specifically the acquisition took place in Washington state.
  • Pacific Northwest – The geographic focus is the Pacific Northwest, a significant area for CEP Multifamily's investment strategy, including cities like Bellingham, WA.

Industry

  • Real Estate – This industry encompasses the acquisition, sale, and management of property. The article is about the acquisition of a large apartment community, which falls under the real estate sector.
  • Investment Management – As the article involves a real estate investment firm expanding its portfolio, it also relates to the investment management sector, focusing on managing assets and investments.

Financials

  • 50.15 million USD – The acquisition price for The Kerf Apartments.
  • 255,867 USD per unit – The price per unit for the 196-unit property.

Participants

NameRoleTypeDescription
CEP MultifamilyBuyerCompanyA vertically integrated real estate investment firm focusing on apartment communities in the Pacific Northwest.
The Kerf ApartmentsTargetCompanyA newly built 196-unit luxury apartment complex in Bellingham, WA.
JLL - SeattleReal Estate BrokerCompanyBrokered the transaction, represented by David Young, Corey Marx, and Chris Ross.
Josh JansenCEO and Managing PartnerPersonCEO and Managing Partner at CEP Multifamily, mentioned as providing the acquisition details.