JLL, as exclusive advisor, is pleased to present the outstanding opportunity to acquire Samish Flats, a newly-constructed apartment community located in Bellingham, WA. Built in 2021, Samish Flats (the “Property" or “Subject,”) is a 37-unit mid-rise apartment community consisting of one 1-bedroom 1-bathroom unit, one 2-bedroom 2-bathroom unit, and thirty-five 3-bedroom 2-bathroom units. Situated less than a mile from Interstate-5, the Property offers its residents convenient connectivity to Bellingham's primary employment centers as well as the nearby submarkets of Mount Vernon, Everett and the broader Puget Sound region. Bellingham’s economy is heavily driven by Western Washington University, as well as other prominent employers including St Joseph’s Hospital, British Petroleum, and the headquarters of Haggen Food & Pharmacy. Being less than 5 minutes from the university, Samish Flats is ideally positioned to tap into the robust demand created by the university’s 14,000 students and 2,300 faculty and staff. New ownership will also benefit from the Property’s participation in Bellingham’s Multifamily Tax Exemption (MFTE) program. The program allows Ownership to pay abated real estate taxes through 2029. There is no affordability requirement to participate in the Bellingham 8-year MFTE program.