Seattle man invests $4.2M in Orchards condo complex
Thursday, October 4, 2012
Sixty apartment units in a 72-unit wing of the One Lake Place Condominium complex in Vancouver have been purchased by Seattle-based real estate investor Jack Locker for $4.2 million, according commercial real estate company NAI Norris Beggs & Simpson.
Renters occupy the units purchased by Locker in the Orchards-area complex off of Northeast 124th Avenue, north of 49th Street. The complex has 254 units, most of which are owner occupied.
The transaction adds to a growing number of similar apartment sales, suggesting that multifamily projects are a stable market segment fueled by the housing slump and accessible financing.