CEP Multifamily Nimbus Landing Page

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Arlington is a small, vibrant city in Snohomish County, Washington that sits just east of I-5 between Everett (the largest city in the county) 13 miles to the south and Burlington/Mt. Vernon roughly twenty miles to the north. Its residents enjoy life at the doorstep of both Puget Sound and the Cascade Mountains, providing abundant outdoor activities and views that, alongside the strong employment base, bolster quality of life in the region. This attractiveness is demonstrated at both the city and county level, with each seeing their populations grow 1.5% and 1.3%, respectively, since 2010 – well above the U.S. average of 0.6%.

Nimbus is a risk mitigated, attractive investment opportunity with real potential to exceed return targets. The property is a newly constructed 165-unit, 8-story mid-rise apartment building being purchased at an exceptional discount to replacement cost. The developer/seller used adjustable rate financing and was facing a cash-in refinance to hold the property. They are selling to CEP at a substantial discount (45%+) to the actual cost to construct the building.

The property is stabilized, ~95% occupied, and capturing rents inline with the top performing properties in the submarket. The property has in place a 12-year multifamily tax exemption (MFTE) abating 95% of taxes running through 2035. The MFTE reduces the tax burden and will improve cashflow throughout the hold period in exchange for providing 20% of the units as affordable to those making between 60% and 80% of area median income (AMI).

Building
Address	7900-7980 200_th St NE
Year Built	1994
# of Units	109
Average Unit SF	1071
Residential Net Rentable SF	111,138
Parking	109 carports, 28 garages, 74 surface spaces
Site Area	Approximately 9.84 acres

Construction Specifications
Structure	14 buildings + 1 Office & Lounge
Foundation	Slab on Grade
Roof	Pitched, Composition Shingle
Siding	Mix of LP and Fiber Cement
Heat & A/C	Electric
Plumbing	Mix of Copper and PEX

Unit Type	No. Units	Unit SF	Pro Forma Rent	Pro Forma Rent/SF
2 Bedroom Classic	41	968	$2,056	$2.12
2 Bedroom Renovated	51	974	$2,268	$2.33
3 Bedroom Classic	9	1,253	$2,146	$1.71
3 Bedroom Renovated	8	1,312	$2,462	$1.88
Total/Average	109	1,020	$2,191	$2.15

CEP Multifamily Fund II

Fund Parameters

$50Mil +

Equity Fund Offering

7 Years

Anticipated Life of Fund

$250Mil

Total Capitalization‎‎‎‎‎‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎

900 +

Lorem Ipsum Heading

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CEP Multifamily Fund II –Return Targets

12%

6.5% (cash-on-cash)

2.5x

7 Years

Fund Properties

Nimbus Apartments

Villas at Portage Creek

Kerf

Fund II Benefits

Diversification

Immediate Cash Flow

Preferred Return

Offering Summary

Investment Opportunity

Purchase Price

$34,000,000

Equity Investment

$15,873,000

Favorable Financing Terms

5.88% 10 Year fixed

Suburban Workforce Housing

Core-Plus Strategy

Capital Expenditures Plan

Arlington, WA

Download CEP Multifamily Fund II Investor Deck

The Opportunity

Capital Stack Placeholder

Total capital

$49M

Senior Debt

$23.9MM

Equity

$25.1MM

Download The Nimbus Apartments Deck

Fact Sheet

Villas at Portage Creek

Josh Jansen

Jessica Disman

Mike Harmon

Ready to learn more?

Contact Your New Real Estate Investment Partner

Suburban
Workforce Housing

Capital
Expenditures Plan