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June 15, 2024
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MULTIFAMILY NEWS
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Glencrest Group Spends Over $23 Mil on 112 Res Units in the Vancouver Area of Washington

10/28/21

Glencrest Group acquired two value-add, garden-style multi-housing communities totaling 112 units in the Vancouver suburb of Battle Ground, WA. The assets were sold by a private investor for $23.15 mil, or $206.7k/unit.

Devonwood
Devonwood
The portfolio includes First Place, containing 60 units averaging 924 sf in size, and Devonwood, which contains 52 units averaging 883 sf in size. The properties, located one mile apart, offer a mix of one- and two-bedroom apartment homes with vinyl plank and carpet flooring, wood-burning fireplaces, washer/dryer hookups, balconies or patios with storage, lofts and vaulted ceilings. The communities offer leasing offices, surface and garage parking and storage units.

Battle Ground is the commercial and social hub of north Clark County and enjoys an abundance of retail options - with 1.2 msf of retail within a 1.5-mile radius. The two properties are located less than a mile from Battle Ground Village, a 21-acre mixed-use retail space featuring the new community library. In addition, Devonwood sits a block away from a one mile stretch of retail on West Main Street.

First Place and Devonwood are a short drive to the employment centers of Vancouver and the Portland International Airport as well as Interstates 5 and 205. Local population growth is predicted to exceed eight percent through 2025 due, in part, to the lower housing costs and higher quality of life relative to many other places in the Portland Metro Area.

Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets represented the seller in the trade. JLL’s Charles Halladay, Peter Smyslowski and Jonah Aelyon arranged a $12.9 mil, 10-year, fixed-rate Fannie Mae acquisition loan for the buyer. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.

“Devonwood and First Place are two exceptionally well-maintained, late 1990’s built communities poised to benefit from population trends occurring in Clark County, which has outpaced the growth of all other counties in the Portland MSA since 2010, said Virden. “Robust demand coupled with limited new supply has supported strong rent growth in Battle Ground. Effective rental rates have increased over six% year-over-year, while the current vacancy rate remains less than one percent.”







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