In a dynamic off-market transaction, the multifamily team of Jordan Carter and Clay Newton successfully facilitated the sale of a three-property, 120-unit multifamily portfolio— South Court and Bayview West in Bremerton, Washington and Pebble Bay in Sequim, Washington—for $15.9 million. The deal highlights how strong client relationships, market insight, and creative problem-solving can drive success even in difficult market conditions.

The story of this portfolio began nearly a decade earlier. In 2016, Clay worked with long-time client, who was completing a 1031 exchange after selling a 50-unit property in SW Portland that Clay and Jordan had listed and sold for him. During the search for replacement assets, Clay and Jordan identified the Bremerton/Sequim portfolio—then listed by a broker at Berkadia, who was also a co-owner of the assets.

Clay and Jordan represented their client in acquiring the three different vintage value-add properties for approximately $8.7 million in late 2016. Over the next several years, the portfolio performed well—until the post-COVID market introduced significant operational challenges, particularly in Bremerton, where occupancy and collections began to decline.

The Challenge

By 2025, the owner was ready to dispose of the portfolio but faced a complicated situation:

  • All three properties were unique, different vintage, and had their own strengths and weaknesses.
  • The properties’ performance and market values had softened dramatically in the prior few years.
  • An unsolicited cash offer came in for only the two Bremerton assets, leaving the Sequim property unaddressed.
  • The owner wanted to sell all three properties together to complete another 1031 exchange.

The challenge was clear: find a buyer capable of taking down the entire portfolio quickly and as-is, in a tougher lending environment.

The Strategy

Rather than rushing into the partial offer on the table, Clay Newton and Jordan Carter advised their client to pause and explore better options. Drawing on past relationships, they reached out to a long-term client they had sold to before, known for acquiring and repositioning tertiary-market multifamily properties.

After a brief discussion and review of the portfolio financials, that investor expressed immediate interest—and within days, he submitted an all-cash offer with a quick due diligence period and a 30-day close, an exceptionally strong proposal given the nature of the assets.

The Results

The transaction closed in less than five weeks at $15.9 million, successfully completing the portfolio disposition and allowing the seller to pursue a new 1031 exchange opportunity.

Key Outcomes:

  • Speed: Closed within 35 days from first call to closing.
  • Certainty: All-cash, no-inspection offer ensured smooth execution.
  • Client Success: Seller achieved full portfolio exit and 1031 continuity.
  • Relationship Value: Both buyer and seller were repeat clients from prior successful transactions.

The Takeaway

This transaction highlights how maintaining strong, trust-based relationships over time can create opportunities even in unexpected markets. By leveraging deep client connections and acting quickly, Jordan Carter and Clay Newton were able to turn a complex, off-market situation into a seamless $15.9 million success story—demonstrating the lasting value of experience, collaboration, and client loyalty.