CEP Multifamily Acquires 165-unit Nimbus Apartments in Everett, WA

EVERETT, Wash., Jan. 30, 2025 /PRNewswire/ -- CEP Multifamily (CEP) announced their acquisition of the Nimbus Apartments, a 165-unit luxury midrise apartment community in Everett's central business district. Nimbus is the 23^rd acquisition in Washington for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to 1,534 units. The acquisition price was $49 million ($296,970 per unit) and marks the second acquisition for CEP's latest fund vehicle, CEP Multifamily Fund II, according to Josh Jansen, CEP's CEO and Managing Partner.

Completed in 2022, Nimbus offers residents a mix of studios, one- and two-bedroom units. The community features luxury-grade finishes ranging from soft-close cabinets and stainless steel appliances to quartz countertops and 9-foot ceilings. Residents also enjoy an extensive amenity package including coworking space in the lobby, state-of-the-art fitness center, an arcade, and the 8^th floor cloud room with an entertaining kitchen and a rooftop lounge with mountain views.

"Nimbus is a perfect fit for our strategy to provide desirable, attainable housing to the area's workforce," said Jansen. "Everett and Snohomish County boast strong employment fundamentals due to a mix of established blue-chip employers and a robust start-up ecosystem. Area residents enjoy a high quality of life and relative housing affordability, which have fostered a diverse, well-educated labor pool. These factors have supported long-term population and employment growth…trends we believe will accelerate in the coming years."

David Young, Corey Marx, and Chris Ross of JLL - Seattle brokered the transaction.

About CEP Multifamily
CEP Multifamily (CEP) is a vertically integrated real estate investment firm that offers accredited investors access to investment opportunities in institutional grade apartment communities across the Pacific Northwest, focusing on workforce housing in supply-constrained submarkets with strong economic fundamentals. The company, formerly known as Coast Equity Partners, aims to deliver balanced returns through reliable cash flow and solid appreciation over time. CEP has acquired nearly 3,000 units and currently owns 11 properties across Washington State totaling 1,534 units. The firm is actively pursuing new acquisitions and accepting investments through their latest fund vehicle, CEP Multifamily Fund II. Visit www.cepmultifamily.com to learn more.

Contact:
Jessica Disman, Director - Capital Markets & Investor Relations
[email protected]
425-405-1885

SOURCE CEP Multifamily