Portland Metro Growth Persuades Buyer to Act on Vancouver Opportunity
- Sep 15, 2015
As the Portland metro’s multifamily market stands at the forefront of growth in the U.S., investors are taking notice. Arnada Pointe Apartments in Vancouver, Wash. was recently acquired by San Diego-based Strata Equity Fund for $28.1 million from a Holland Partners-controlled entity. The deal was closed before the end of last month with the help of Berkadia Managing Director Phil Oester and Director Joe Nydahl of the company’s Portland office.
Arnada Pointe Apartments is located at 4820 NE Hazel Dell Ave., offering proximity to the I-5, Main Street Vancouver, and employers such as BNSF Railways and the Vancouver School District. Built in 1996, the community offers 200 residential units, 87 percent of which have since been upgraded. An amenity package that includes a swimming pool, playground, gym, basketball court, clubhouse, business center, as well as carports for units is available to all residents. According to the press statment announcing the transaction, Arnada Pointe is currently 98 percent occupied.
According to Yardi Matrix, the average rent paid for an apartment at Arnada Pointe stands at $1,224, just under the Portland metro’s current average rent level. The Portland metro is leading the nation in terms of year-over-year rent growth, having recorded a 15.3 percent uptick during the 12 months ending in August.
Image via Yardi Matrix