SEATTLE, WA - CBRE announced the $79.5 million sale of Cascade Ridge, a 270-unit garden-style multifamily community located at 1206 NW Tahoe Lane in Silverdale. CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper represented the seller, Jackson Square Properties.
“Cascade Ridge represents a rare opportunity to acquire a high-quality multifamily asset in a supply-constrained market with strong fundamentals,” said Hanacek, vice chairman at CBRE. “With significant value-add potential and proximity to major employment drivers, the property is well-positioned for long-term growth.”
Cascade Ridge is situated on 16.53 acres in the heart of Silverdale, offering a mix of one-, two-, and three-bedroom apartments, including townhome-style units. Originally constructed in 1992, the property features low-density living at 16 units per acre. Amenities include a swimming pool, clubhouse, fitness center with a climbing wall, package lockers, and a dog park.
The property is located minutes from Silverdale’s revitalized downtown core and adjacent to Kitsap Mall and the Kitsap Transit Center, offering residents convenient access to retail, transportation, and lifestyle amenities. Cascade Ridge is also near the newly opened $500 million St. Michael Medical Center and Kitsap Naval Base.
According to CBRE Research, the submarket has a limited supply pipeline: only 336 units are projected through 2029. This, combined with strong demographic trends and an average household income of $130,000, supports continued rent growth.
About CBRE Group, Inc: CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com