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2/15/22
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SB Real Estate Partners and Marble Partners acquired Bridge Creek Apartments, a 270-unit multifamily property in Vancouver, WA. The garden-style property is located at 9211 NE 14th Ave, 13 miles north of Portland.
Bridge Creek Apartments includes a mix of one- to three-bedroom units. Community amenities include a swimming pool, a fitness center, a business center, a playground area for children, and a dog park.
Bridge Creek is located near Interstate 5 and Highway 205, providing connectivity to the broader Portland MSA and excellent access to major employment hubs. Notable employers in the area include University of Washington, Legacy Salmon Creek Medical Center and PeaceHealth Southwest Medical Center.
Although the price was not given out, we can tell you that the transaction was funded with a $60.3 mil loan arranged by Charles Halladay and Rick Salinas with JLL. The floating rate loan, sponsored by CBRE Investment Management, has an initial term of three years and can extend up to an additional two years.
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