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Multifamily Property in Vancouver, WA Goes for $26.7 Mil

6/04/24

Thunderbird Village, a 182-unit garden-style apartment community in Vancouver, WA, traded hands for $26.75 mil, or $147k/unit. The asset was sold by NBP Capital.

Built in 1972, Thunderbird Village features one-, two-, and three-bedroom floorplans averaging 972 sf in size. Of the 182 units, 41 have recently been renovated to include upgraded vinyl and carpet flooring, new appliances and hardware, quartz countertops, and stacked washers and dryers. Newly renovated community amenities include an outdoor swimming pool, sauna, walking trails, a fitness center, tennis and basketball courts, and a business center.

Thunderbird Village is centrally located at 4601 E. 18th Street in one of Portlandís sought-after residential submarkets, offering easy access to downtown Vancouver, downtown Portland and the Northeast industrial submarket adjacent to Portland International Airport. With access to Interstates 5 and 205, Thunderbird Village offers convenient access to the regionís largest employers, including Hewlett Packard, Fisher Investments, PeaceHealth and Portland International Airport.

The area boasts strong demographics, with an average household income of $91,264 within a three-mile radius of the property. Nearly 61% of households within a one-mile radius are renter-occupied and 51% are millennials or Generation Z.

The community is near the 7.3-acre Vancouver Waterfront Park, which provides residents with an abundance of recreational activities. It is also near the Columbia River Waterfront Renaissance Trail, a five-mile trail linking downtown Vancouver with the restaurants, shops, parks, and historical attractions of the Columbia River Waterfront.

Josh McDonald, Joe Nydahl and Phil Oester represented the seller in the deal.




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