Columbia Credit Union has sold the 20-acre Two Creeks townhouse development, located beside the Camas Meadows Golf Club, to Clark Properties East LLC for $3.4 million.
Included in the transaction are 39 units and four completed building pad sites, sold for approximately $117,862 per unit. In 2006 and 2007, the first two units in the project sold for $750,000 and $825,000 before the local housing market began to slow.
The credit union took possession of the partially built project in 2008 for $11.79 million. At the time, husband and wife developers Rick Bowler and Marilee Thompson, owners of Camas-based One Pacific Corp, owed $21.8 million in construction loans on the project. The developers originally planned to build tennis courts, walking trails, and 122 townhouses.
Columbia Credit Union was represented by Charlie Kleier, Sierk Braam and Ron Kawamoto of NAI Norris, Beggs & Simpson’s Vancouver real estate office.
