Investment Overview

The Seattle Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of the Barkley Apartment Homes, a 202-unit multifamily community located in Bellingham, Washington. Just steps from the vibrant new Barkley Village and only a 10-minute drive to downtown Bellingham, the community offers residents a prime location with exceptional convenience. Situated near Interstate 5, Barkley provides seamless access to major employment centers, local amenities, and a wealth of outdoor recreational destinations.

Bellingham has emerged as one of Washington’s most desirable secondary markets, offering a unique blend of economic stability, lifestyle appeal, and sustained rental demand. Anchored by Western Washington University and a growing healthcare and technology presence, the city benefits from a diversified employment base and a steady influx of residents seeking a more affordable alternative to Seattle. With limited new multifamily development and strong occupancy fundamentals, Bellingham presents a compelling opportunity for investors to capture long-term value and consistent cash flow in a high-barrier-to-entry market.

Superior Asset Quality

Built between 2001 - 2003 and situated on over 10 acres, Barkley offers excellent curb appeal with mature landscaping. Featuring wide setbacks and bordered by a greenbelt, the property has the feel of a single-family home community. Exceptionally well-maintained by the current owner for nearly 15 years, the asset is in excellent condition.

Prime Location

Located in the highly sought-after Barkley neighborhood, the property is within walking distance of Barkley Village – a vibrant retail hub featuring a community park, several dining options, attractive shopping, a Regal Cinemas, and other diverse retail.

Low Incoming Supply

With virtually no multifamily assets currently under construction and the most recent developments fully absorbed, Bellingham, and particularly the Barkley submarket, is well-positioned for outsized rent growth in the coming years due to a systemic supply / demand imbalance.

Light Value-Add Opportunity

Nearly all units maintain their original early 2000’s finishes. An incoming investor the ability to cosmetically upgrade units and capitalize on rental upside across the rent roll. Additional upgrades to common areas and amenities could further boost asset performance and tenant appeal.

Attractive Going-in Cash Yield

Current operations provide strong in-place cash flow, providing an investor with immediate income and an attractive “day-one” yield with upside potential.

Close Proximity to Major Employers

Barkley Apartments is minutes from key employers including Janicki Industries, PeaceHealth St. Joseph Medical Center, Western Washington University, and major regional office hubs. Broader employment centers in Whatcom and Snohomish County are easily accessible via nearby Interstate 5.