EVERETT,
Wash., Jan. 30, 2025 /PRNewswire/ -- CEP
Multifamily (CEP) announced their acquisition of the Nimbus
Apartments, a 165-unit luxury midrise apartment community in
Everett's central business
district. Nimbus is the 23rd acquisition in Washington for the vertically integrated
Everett-based firm and grows their
existing Pacific Northwest portfolio to 1,534 units. The
acquisition price was $49 million
($296,970 per unit) and marks the
second acquisition for CEP's latest fund vehicle, CEP Multifamily
Fund II, according to Josh Jansen,
CEP's CEO and Managing Partner.
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Completed in 2022, Nimbus offers residents a mix of studios,
one- and two-bedroom units. The community features luxury-grade
finishes ranging from soft-close cabinets and stainless steel
appliances to quartz countertops and 9-foot ceilings. Residents
also enjoy an extensive amenity package including coworking space
in the lobby, state-of-the-art fitness center, an arcade, and the
8th floor cloud room with an entertaining kitchen and a
rooftop lounge with mountain views.
"Nimbus is a perfect fit for our strategy to provide desirable,
attainable housing to the area's workforce," said Jansen.
"Everett and Snohomish County
boast strong employment fundamentals due to a mix of established
blue-chip employers and a robust start-up ecosystem. Area residents
enjoy a high quality of life and relative housing affordability,
which have fostered a diverse, well-educated labor pool. These
factors have supported long-term population and employment
growth…trends we believe will accelerate in the coming years."
David Young, Corey Marx, and Chris
Ross of JLL - Seattle
brokered the transaction.
About CEP Multifamily
CEP Multifamily (CEP) is a
vertically integrated real estate investment firm that offers
accredited investors access to investment opportunities in
institutional grade apartment communities across the Pacific
Northwest, focusing on workforce housing in supply-constrained
submarkets with strong economic fundamentals. The company, formerly
known as Coast Equity Partners, aims to deliver balanced returns
through reliable cash flow and solid appreciation over time. CEP
has acquired nearly 3,000 units and currently owns 11 properties
across Washington State totaling
1,534 units. The firm is actively pursuing new acquisitions and
accepting investments through their latest fund vehicle, CEP
Multifamily Fund II. Visit www.cepmultifamily.com to
learn more.
Contact:
Jessica Disman, Director - Capital Markets
& Investor
Relations
jdisman@cep-mf.com
425-405-1885
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SOURCE CEP Multifamily