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Friday, March 1, 2024
March 1, 2024

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Two Vancouver apartment complexes sold for $59M

Rise Properties, a Canada-based real estate trust, is buyer

By , Columbian Associate Editor

Two Vancouver apartment complexes have been sold for $59 million to a Canada-based real estate investment trust.

The seller — Bill Maitland, owner of Vancouver-based PROM — was also the developer and builder of the two apartment complexes, Fountain Village Apartments and Promenade Apartments, according to Ryan Kidwell, senior vice president of The Mogharebi Group, the broker for the sale.

Fountain Village Apartments, at 11900 N.E. 103rd St., holds 160 units in 14 buildings. It was built in 2016. It sold for $35.5 million.

The Promenade Apartments, at 11903 N.E. 116th St., a 100-unit complex built in 2018, sold for $23.5 million.

The buyer of the two properties, Rise Properties, owns more than 5,600 apartment homes in the greater Seattle and Portland areas, according to its website. Locally, it owns the Westwynd apartments at 10117 N.E. Ninth Ave., built in 1982.

Like other types of housing, apartment complexes are selling for a lot of money in Vancouver. A complex in east Vancouver called The Pointe Apartments sold for $100 million this year after the seller paid $68 million in 2019. This deal continues the trend.

“Both properties are newer construction Class B assets with solid in-place cash flow and rental upside,” Kidwell said. “These two assets presented the buyer with a tremendous opportunity to increase their returns and perfectly fit their investment criteria.”