CEP Multifamily Expands Portfolio with New Acquisition in Everett, WA

CEP Multifamily Expands Its Holdings

CEP Multifamily recently announced the acquisition of Nimbus Apartments, a modern 165-unit luxury midrise located in the heart of Everett's business district. This transaction marks the company's 23rd purchase in Washington, enhancing its presence in the Pacific Northwest to a total of 1,534 residential units. The deal, valued at $49 million or approximately $296,970 per unit, represents a significant milestone for CEP's latest investment vehicle, the CEP Multifamily Fund II, as stated by CEO Josh Jansen.

Features of Nimbus Apartments

Founded in 2022, Nimbus Apartments showcase a blend of studios, one-bedroom, and two-bedroom apartments equipped with high-end finishes. These include soft-close cabinetry, stainless steel appliances, and elegant quartz countertops, not to mention spacious nine-foot ceilings. Residents benefit from a broad amenity lineup that encompasses coworking spaces, a top-notch fitness center, and recreational areas like an arcade and a rooftop lounge that provides stunning views of the surrounding mountains. This range of amenities underscores CEP's commitment to creating a desirable living environment.

Strategic Alignment with Workforce Needs

"Nimbus perfectly aligns with our mission to offer desirable and attainable housing solutions for the local workforce," remarked Jansen. Everett and Snohomish County enjoy robust employment dynamics, bolstered by established luxury brands and a thriving start-up ecosystem. The high quality of life, coupled with affordable housing options in the area, creates an attractive backdrop for a diverse and educated labor force. These aspects have contributed to a sustained increase in both population and job opportunities—trends that CEP anticipates will continue in the near future.

About CEP Multifamily

CEP Multifamily is a fully integrated real estate investment firm focusing on providing accredited investors access to premium apartment investments throughout the Pacific Northwest. The firm, formerly known as Coast Equity Partners, aims to deliver balanced returns by investing in markets with strong economic fundamentals and a lack of affordable housing. Having acquired nearly 3,000 units to date, CEP continues to actively seek new investment opportunities, aided by their recent launch of the CEP Multifamily Fund II. For further information on their initiatives, visit CEPMultifamily.com.

This acquisition symbolizes not only CEP's strategic growth plan but also their dedication to enhancing the living standards within the communities they serve.