Sunday, February 5, 2023
Feb. 5, 2023

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3 downtown Vancouver apartment complexes on the market

By , Columbian Innovation Editor
Published:
3 Photos
The Broadway Apartments at 1901 Broadway were built in 2018 and are for sale at $9,542,926.
The Broadway Apartments at 1901 Broadway were built in 2018 and are for sale at $9,542,926. (Photos courtesy of Kidder Mathews) Photo Gallery

Three recently built apartment complexes in downtown Vancouver are for sale at a time when the market for developing and selling apartments is slowing down but still strong in the city.

The buildings are:

  • The Broadway Apartments at 1901 Broadway, built in 2018 and for sale at $9,542,926.
  • The Hamilton and Eliza Apartments, 2000-2012 Broadway, built in 2018 and 2019, for sale at $11,893,811.
  • The Clark Apartments, 701 E. McLoughlin Blvd., built in 2019 and for sale at $5,706,758.

The developer, Portland-based WDC Properties, is an experienced developer with 10 new workforce multifamily projects in Vancouver to its credit in the last few years, according to Jordan A. Carter, executive vice president at Kidder Mathews, the agent representing the owner.

The total sale price for the four buildings is $27,143,495. Together they hold 100 apartments that include studios and one-, two- and three-bedroom units.

WDC Properties is selling the buildings because “the multifamily market is very solid right now” and the three properties have permanent loans that are assumable with long terms remaining and interest rates that are well below today’s rates, Carter wrote in an email to The Columbian.

Kidder Mathews has already started receiving offers: one of the three properties is under contract, leaving two available for a 2023 Q1 closing, according to Carter.

The market for apartments has slowed in the past few months due to a rapid shift in interest rates. It’s slowed especially with larger properties, but overall apartment market fundamentals remain strong and buyers are still looking for opportunities.

“Vancouver remains highly sought-after, given its excellent submarket fundamentals (low vacancy, demand outpacing supply, etc.), so just about anything that comes to market in the city gets solid interest,” Carter wrote. “Opportunities like this, especially with attractive assumable debt, are going to become more and more desirable as rates continue to rise.”

Tenants in the apartments shouldn’t notice much of a difference, Carter said, except a change in the management company and where they send their rent.

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