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.”