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Thursday, February 29, 2024
Feb. 29, 2024

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3 apartment buildings in Vancouver’s Uptown Village are sold

Private California group buys sites for $20M; purchase totals 80 units

By , Columbian staff writer

An unnamed private group out of California has purchased three apartment buildings in Vancouver’s Uptown Village.

The buildings — Broadway, which has 36 units, Hamilton, which has 30 units, and Eliza, which has 14 units — amount to an 80-unit apartment portfolio costing the buyer $20 million.

“We continue to see Vancouver as a strong and viable marketplace with population growth and rental demand,” Mark Madden, principal and owner of WDC Properties, said in a press release. Portland-based WDC Properties sold the buildings.

Vancouver has become desirable for investors in recent years, according to Jordan Carter, executive vice president at real estate group Kidder Mathews. Kidder Mathews represented WDC Properties in the transaction.

“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.