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More Apartment Units Trading Hands in Kitsap County

SILVERDALE, WA-The Outlook Apartments is the third property with more than 125 units to close in Kitsap County in the last five months. Two other large complexes are to be rumored under contract, making the area one of the most active in Puget Sound.

By Gina Binole | Updated on September 05, 2002

SILVERDALE, WA-The 210-unit Outlook Apartment complex has sold for $11.6 million, a per-unit price of $55,000. The deal marks Kitsap County’s third large multifamily transaction in the last five months. Two other similar deals are reportedly in the works.

Daniel Boring, of Insignia Kidder Matthews, says the news is significant when you consider that Kitsap County has roughly 6% of the apartment units across the Puget Sound in King County. He adds investor interest in West Sound multifamily product has increased significantly since development stagnated around about 1997, the increased perceived military strength since the terrorist attacks a year ago and the low vacancy rates the area has enjoyed compared to those in King, Pierce and Snohomish counties.

Built in 1991 and renovated in 1999, the Outlook is located at 12188 Cloudy Peak Lane. Boring brokered the deal on behalf of the seller, FSF Outlook Associates LLC. Bob Nakao, of Westlake Associates Inc. brokered the deal on behalf of the buyer, Friedman Wensman Group Inc.

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