107 UNITS | BUILT IN 1989 Oak Harbor, WA

THE OPPORTUNITY

Berkadia is pleased to announce it has been retained as the exclusive listing agent for the sale of Anchor Pointe, located in the scenic town of Oak Harbor, Washington. This 107-unit asset provides the investment community with the opportunity to own a stabilized, high-cash-flowing investment property with further growth through interior renovations in a growing bedroom community. Anchor Pointe is only a brief commute to Everett and other surrounding major employment centers. Surrounded by tall evergreen trees, stunning views of the Olympic mountain range, and the Puget Sound, Anchor Pointe is a unique asset that will continue to perform at a high level for years to come.

 

Value-Add Opportunity

Anchor Pointe is a compelling opportunity to acquire a value-add asset in Island County, northwest of downtown Seattle. The combination of late 1980's vintage and scale in this location, provides a compelling story for value-add investors looking to deploy capital in the Pacific Northwest.

Implementing an interior renovation program at Anchor Pointe will yield significant returns and afford investors the opportunity to build upon the strong going in yield.

The interior renovation should include new faux-wood / vinyl flooring, countertops, new cabinet fronts, appliances, lighting package, brushed nickel finishes, two-tone paint and trim, and solid 4” baseboard. Additional improvements could include USB outlets and using the flooring product throughout the ground floor units. This interior renovation could achieve premiums ranging from $150 - $250 over the current in-place rents.

Property Description

Anchor Pointe is a 107-unit, garden-style apartment community located in the city of Oak Harbor on Whidbey Island, Washington. Built in 1989, the recently renovated property is situated on five acres encompassing a net rentable area of 70,340 square feet. The property features 13 two-story buildings comprised of wood-frame construction and pitched roofs composed of asphalt shingles.

Residents can choose from nine floor plans. The community is comprised of 68 one-bedroom units measuring 433 to 765 square feet each, 38 two-bedroom units measuring 795 square feet, and one, three-bedroom unit measuring 795 square feet, with an overall average unit size of 657 square feet.

Nestled in a serene and lush rural setting, the landscaping at Anchor Pointe contains large areas of ground coverage with mature trees and shrubs for privacy. This pet-friendly community features a fitness center, laundry facilities, carport parking, and outdoor space for barbecues and events.

Oak Harbor, WA

Anchor Pointe is located in Oak Harbor on Whidbey Island, in Island County, Washington. Nestled at the water’s edge, Oak Harbor is about 90 miles north of Seattle and adjacent to Naval Air Station Whidbey Island (NASWI), the largest naval aviation installation in the Pacific Northwest. With 7,500 military staff and only 1,700 housing units, NASWI creates a significant source of apartment demand in the area. Deception Pass State Park is a premier hiking, camping, and marine destination located within 10 miles of the property. In nearby Burlington, Washington, Cascade Mall, The Burlington Outlet Shoppes, as well as national retailers located along Interstate 5 provide residents with a diverse mix of shopping, dining, and entertainment options.

Location Highlights

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Kenny Dudunakis

Senior Managing Director

206.521.7216

Kenny.Dudunakis@Berkadia.com

David Sorensen

Director

206.801.3102

David.Sorensen@Berkadia.com

Ben JOhnson

Director

206.801.3144

Ben.Johnson@Berkadia.com

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.

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