Source: CEP Multifamily
BURLINGTON, WA - CEP Multifamily CEP) announced their acquisition of Cascade Meadows, a 97-unit apartment community in Burlington, WA. Cascade Meadows is the third acquisition for CEP's Workforce Housing Fund, a core-plus multifamily investment fund launched in early 2022 by the vertically integrated Everett-based firm.
This acquisition grows CEP's existing portfolio to 1,509 ;units. The acquisition price was $27.5 million, or $283,505 per unit, according to Josh Jansen, CEP Multifamily's President and Managing Partner.
"Cascade Meadows is an ideal fit for our suburban, core-plus investment strategy and an excellent addition to our Workforce Housing Fund," said Jansen. Skagit and Whatcom Counties offer a high quality of life, relative affordability, strong local economic fundamentals with direct linkages to regional employment hubs, and a diverse labor pool to support long-term population and employment growth trends we believe will accelerate in the coming years."