Greene Commercial brokers $10.25 million sale of Crestwood Apartments in Silverdale
SILVERDALE, Wash., Sept. 19, 2026 – Greene Commercial is pleased to announce the successful closing of Crestwood Apartments, a 63-unit garden-style multifamily community located at 9896 Enterprise Lane NW in Silverdale, Washington. The property sold for $10,250,000 in an all-cash transaction.
Commercial Brokers Terry Wilson and Spencer Ingrim of Greene Commercial represented the seller in the transaction. Jordan Louie of CBRE represented the buyer.
Built in 1989, Crestwood Apartments features an attractive and highly leasable mix of 42 one-bedroom and 21 two-bedroom floorplans. Prior to the sale, current ownership successfully executed a capital improvement program, fully renovating 56 of the 63 units with luxury vinyl plank flooring, new kitchen cabinetry, and updated appliance packages. This allowed the incoming buyer to acquire a stabilized asset with strong in-place cash flow while retaining immediate value-add upside by updating the remaining seven classic units.
The asset is strategically positioned in Kitsap County, providing residents with direct access to major regional employers such as the newly constructed St. Michael Medical Center, as well as prime retail hubs including The Trails and Kitsap Mall.
The transaction closed on September 19, 2026, translating to a 6.15 percent capitalization rate and a price of $162,698 per unit.
“This transaction highlights the continued demand for well-located multifamily assets in Kitsap County,” said Terry Wilson, Commercial Broker at Greene Commercial. “The buyer acquired a premier asset with excellent fundamentals in a submarket known for high barriers to entry and strong tenant demand.”
About Greene Commercial
Greene Commercial is a premier commercial real estate brokerage serving the Pacific Northwest. Our team provides specialized expertise in multifamily, retail, office, and industrial investment sales, delivering strategic advisory services to help clients maximize the value of their real estate portfolios.
Media Contact:
Billy Christensen
Commercial Marketing Strategist
Greene Commercial
1722 Harrison Ave NW
Olympia, WA 98502
360.528.4167
greenecommercial.com
