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MULTIFAMILY NEWS
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Jackson Square Properties Pays $148k/Unit for WA Apartment Community

8/21/15

The Addison, a 147-unit, garden-style apartment community in Vancouver, WA, sold for $21.75 mil ($148k/unit). The asset, located at 7531 NE 18th St, less than two miles from I-205 and approximately 14 miles northeast of downtown Portland, was purchased by Jackson Square Properties.

Completed in 2009, The Addison is 99 percent leased and contains all one-, two- and three-bedroom units. Community amenities include a 24-hour fitness center, tanning bed, barbecue and picnic area, detached garages/carports and access to nearby walking trails and public transit.

Ira Virden and Kerry Hughes of HFF represented the seller, JB Matteson, in the deal. Jackson Square Properties purchased the asset free and clear of existing debt. HFF had previously secured fixed-rate financing for the property on behalf of the seller in 2011.





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