(Walnut Creek, CA) September 7, 2023 — PTLA Real Estate Group announced the acquisition of a four-property student housing portfolio in Bellingham, WA. The properties are steps away from Western Washington University’s campus and 100% pre-leased for the upcoming 2023-2024 school year. The university recorded their highest freshman enrollment ever last year, which is a positive sign for future enrollment health.
“We have been extremely selective in the last year. Transaction volume has been down industry-wide, so we are very proud to have a strong investment opportunity for our clients,” said Peter Wilson, President of PTLA. “We like the Bellingham market and are excited to add to our presence there.”
The WWU Living properties are the 8th, 9th, 10th, and 11th student housing properties purchased by PTLA in the last 12 months. The timing of the transaction and the loan assumption made this acquisition unique.
“We had a very positive experience working with the Seller, as well as with Steven Chattin and the team at Berkadia. It was a smooth transaction, and I’m grateful to all involved,” said David Faucher, CFA, Chief Investment Officer at PTLA.
The acquisition of this 372-bed portfolio brings PTLA’s current owned portfolio in Bellingham to six properties. They will be managed by PTLA’s local property management office, which oversees roughly 1,800 owned or third-party managed units in the region, over half of which are student housing.
ABOUT PTLA REAL ESTATE GROUP
PTLA Real Estate Group is an independent company that acquires and manages real estate with a specific focus in the West Coast market. In our 50-year history, we have built a team and company centered around the goal of achieving a higher standard of excellence. For more information, please visit our website at www.ptlareg.com.