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Rentable SF
50k
BUilt
1975
Units
63
Berkadia Seattle Investment Sales is pleased to announce it has been retained as the exclusive listing broker for Reserve at Blueberry Park in Bremerton, WA.
With 63 units north of Bremerton, Reserve at Blueberry Park offers investors the ability to achieve modest scale or complement their existing portfolio. The asset boasts stable operations, which highlights the quality of the asset and the market. With historically high occupancy and low economic loss, Reserve at Blueberry offers a sound opportunity that is poised to grow in a sought-after and growing region.
Situated near downtown Bremerton and Naval Base Kitsap, Reserve at Blueberry Park benefits from proximity to the region's most prominent employers, enhancing its appeal to residents in the area. This demand is further driven by a 34.8% increase in home prices since 2019, which underscores the value proposition for renting and adds pressure to the existing supply. Coupled with the scarcity of sales for assets over 50 units in the Bremerton market, this property presents a rare opportunity to acquire a generational asset.
Address
City, State, Zip
County
Parcel Numbers
Units
Construction Year
buildings
Stories
Site Size/Acreage
Rentable SF
Average Unit SF
Average Rent/Unit
Average Rent/SF
3280 Pine Road NE
Bremerton, WA 98310
Kitsap
4585-000-015-0107
63
1975
Five
Two
3.76 Acres
50,330 SF
799 SF
$1,722
$2.16
Opportunity
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Reserve at Blueberry Park is a 63-unit garden-style apartment community located just north of the picturesque town of Bremerton, WA. Built in 1975, the property has undergone extensive renovations to update units to market-standard finishes including granite countertops, in-home washer/dryers, hardwood-style flooring, private patios with storage, and generous closet space. Situated in a quaint residential area, the community offers residents a peaceful lifestyle with convenient access to downtown's major employers and amenities.
Asset
One Bedroom
Two Bedroom
7 Units
56 Units
710 SF
810 SF
Reserve at Blueberry PArk
Contact us.
Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Bellevue Office
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities,
visit: https://www.berkadia.com/licensing/.
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
3280 Pine Road NE | Bremerton, WA 98310
Exclusive Multifamily Opportunity
Historically Strong Performance: Asset has a historical occupancy of 95%+ and has commanded rental premiums on the renovated units.
Access to the Region’s Most Prominent Employers: Proximate to downtown Bremerton and Naval Base Kitsap, home of 1/3 of Bremerton’s workforce.
Scarcity of Sales: Low turnover of assets greater than 50 units in the Bremerton market allows for a new investor to acquire generational asset.
Discount to Ownership: Home prices have grown 34.8% in Bremerton since 2019, creating a significant value proposition for renting and exerting upward pressure on the existing supply.
Investment Highlights
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
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Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
Email
MORTGAGE BANKING
Brandon LAwler
Senior Director
WA CRE #124640
206.484.8114
brandon.lawler@berkadia.com
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© 2022 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004