Vancouver Apartment Community, Portland Industrial Facility Trades Mark Week
- Jan 21, 2014
The Pacific Northwest had a good week, with a number of deals closing. Peak Capital Partners purchased The Villas at Bridge Creek, an apartment complex in Vancouver, Wash., from Kingsbury LLC, and CorEnergy Infrastructure Trust Inc. paid $40 million to acquire the Portland Terminal Facility, among others.
The residential community offers 103 units, and at the time of the sale had a vacancy rate of just 4 percent. The new owner sourced the necessary funds for the acquisition through a Fannie Mae loan. Financial terms regarding the purchase fee and the loan were not publicly released. The new owner is now lining up a renovation for The Villas at Bridge Creek, with a focus on exterior improvements. The residential complex offers income restricted rental units with one- to three-bedroom apartments.
The Portland Terminal Facility, a petroleum products terminal, traded in a cash deal. The new owner is set to ink a new triple-net lease for the newly acquired facility to a subsidiary of Arc Logistics Partners LP.
The industrial property offers a number of features that were specifically targeted by CorEnergy in the acquisition process. The features include a multimodal terminal with rail, truck and shipping access points. According to a press statement recently issued by the company, the 39-acre facility has a storage capacity of 1.5 million barrels and capabilities including receiving, storing and delivery of heavy and refined petroleum products. Transportation is facilitated by the presence of the multimodal terminal, with marine access available to ships up to Panamax size.
Image courtesy of www.thevillasatbridgecreek.com