“Many investors prefer Vancouver over Portland today as it has seen tremendous growth while not being subject to the same regulatory hurdles as across the river,” Carter said.
All of the buildings are within a block of each other, located at 1901, 2000 and 2008 Broadway. Broadway was completed in 2018, Hamilton in 2019 and Eliza in 2020.
The deal was brokered as part of a 1031 tax-deferred transaction. In this case, the buyer had recently sold an investment property and used the funds from that sale to buy the buildings. The buyer got favorable in-place financing and below-market interest rates, according to Carter.
The sale closed March 29.