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5/24/19
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Pathfinder Partners has acquired Creekside Village Apartments, a 132-unit multifamily community in Vancouver, WA, for $29 mil ($219.7k/unit). The asset, located at 3100 Falk Rd, was acquired from an affiliate of the ConAm Group.
Constructed in 1992, the 12.08-acre project consists of 15 two-story residential townhome buildings, four three-story residential buildings and a one-story building, which houses the clubhouse, leasing office and fitness center.
The community is comprised of 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bathroom townhome units and 72 three-bedroom/two-and-one-half bathroom townhome units averaging 1.3k sf – large by traditional multifamily standards. Creekside Village also features covered parking, a hot tub and swimming pool, direct access garages in 84 townhome units and a children’s playground.
According to Lorne Polger, senior managing director of Pathfinder Partners, Creekside Village – a short drive from Portland – meets his company’s criteria of making opportunistic investments in strong, mid-tier cities in the western U.S. “Vancouver is a highly popular community in the greater Portland metropolitan region, an area which we believe is poised for significant growth in the next several years,” he said. “Additionally, we were attracted to the property’s central location – just five minutes from both 1-5 and 1-205 and downtown Vancouver and ten minutes to Portland International Airport and Portland’s trendy eastside.”
Polger says multiple improvements are planned for the property, including “upgrades to the exterior, common areas and unit interiors, which we believe will allow us significant value-add opportunities.”
Financing was provided by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.
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