EJF Capital, an asset management firm headquartered in Washington, D.C., announced Monday that it has formed a joint venture with Vancouver-based Holland Partner Group to acquire and operate the two southern buildings of the Vancouvercenter.
Three of the four envisioned Vancouvercenter towers to the east of Esther Short Park were built in 2001. Plans for the fourth tower languished until Holland purchased the development rights 2018. The company also purchased the southwest tower that same year.
Both buildings are six-story apartment towers, with about 200 units between the two of them. The eastern building also includes 2,200 square feet of ground-floor retail.
The western and eastern buildings will be renamed Columbia and Coen, respectively, according to a press release from EJF.
The $62.5 million acquisition is the second partnership between EJF and Holland in downtown Vancouver. The firms are also collaborating to develop a mixed-use project on Block 10, immediately north of the Vancouvercenter. That project broke ground in July and is scheduled for completion in 2022.