The Uptown Apartments, which opened early last year and became one of the brick-and-mortar symbols of Vancouver’s urban growth, has been sold.
Cascadia Development Partners of Vancouver sold The Uptown to Green Leaf Partners of Pleasanton, Calif., for $57 million, said David Copenhaver, Cascadia’s president. The deal closed Wednesday, the same day sale notices were taped to residents’ doors.
“We loved the project,” Copenhaver said. “It had a lot of local investors. It was a good price. We’re still doing a lot of local projects.”
The six-story, 167-unit The Uptown opened in January 2018, built for a reported $45 million. With an address of 1700 Main St., it’s bounded by McLoughlin Boulevard, and West 17th and Washington streets. Units have ranged from $1,515 to about $2,600 for studios, one-bedroom, one-bedroom-plus and two-bedroom. The building has ground-floor retail space that has been vacant since it opened.
A spokesperson for Green Leaf could not be reached Thursday.
Cascadia continues to pursue three downtown-area projects.
The developer expects to break ground in June on a 46-unit apartment building at the southeast corner of East 25th Street and Broadway near Walgreens. Units will range from studios to two-bedrooms.
An overhaul continues on The Quinn at 911 Main St., long-ago home of the downtown J.C. Penney. Of the 40,000 square feet, 20,000 will be devoted to office space, 10,000 to retail and 10,000 to underground parking.
Copenhaver said an announcement is expected soon about plans for a long-vacant block bounded by Mill Plain Boulevard and Main, Washington and 16th streets. He said Cascadia is working with the property owner on a development plan.