Bridge Creek Apartment Homes, a 270-unit complex in Hazel Dell, sold this week to a San Francisco company for $45.5 million.
At $169,000 per unit, the sale price is greater than other recent apartment transactions in Clark County, according to appraisal company Barry & Associates. Patrick Barry, a Portland-based appraiser who has not seen the property personally, said the higher sale price could reflect the ongoing strong demand for multifamily housing here.
“I think it shows there’s a renewed interest in Vancouver as an alternative to Oregon,” he said.
The new owner is Jackson Square Properties, which manages 75 complexes with a combined 20,000 apartments in nine states. Real estate broker Ira Virden said Jackson Square already owns several properties in Clark County.
“They know that market really well,” he said. “You certainly can’t build in Vancouver for that price.”
Jackson Square’s other local apartment complexes are Autumn Chase, Carriage House, Carriage Park, Meadows at Cascade Park, Walnut Grove Landing and The Addison, according to the firm’s website.
The seller was Aukum Group, based in Lakespur, Calif. Aukum Group paid $15 million for the 210-unit apartment in 2009, according to Clark County property records. The group then bought a nearby 52-unit apartment and an eight-plex.
Calls to Aukum for comment were not returned.
Rents at Bridge Creek range from $1,000 to $1,300, for one- and two-bedroom units.
Virden handled the deal on behalf of Holliday Fenoglio Fowler, a real estate brokerage firm headquartered in Dallas with offices in Portland. The firm touted Bridge Creek’s proximity to shopping, schools and downtown Portland, among other amenities.
