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October 27, 2020
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90-Unit Res Property in Vancouver, WA Purchased for $20.5 Mil


Latitude 45, a 90-unit, newly constructed, garden-style apartment community in Vancouver, WA, has sold for $20.5 mil ($228k/unit). The acquisition was financed with a loan of $11.275 mil.

Latitude 45 is located at 11202 N.E. 20th St, in the Landover-Shamel neighborhood, which has a plethora of entertainment and shopping options nearby, such as the Vancouver Mall, Four Seasons Shopping Center, the Vancouver Waterfront, and Mill Plain Plaza. The property is close to Interstate 205, providing residents with connectivity to downtown Portland, downtown Vancouver and the Portland International Airport.

The community, which completed construction in July 2020, is comprised of one- and two-bedroom units averaging 975 sf in size. Latitude 45 community features a community clubhouse, package lockers, and green space.

Ira Virden and Carrie Kahn with JLL Capital Markets represented the seller, Ginn Group, in the transaction. Jll’s Charlie Watson arranged the 10-year, fixed-rate acquisition loan through Fannie Mae. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.

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