Fourth Avenue Capital Acquires Portland-Area Community
The new ownership plans to upgrade unit interiors and amenity spaces at the Vancouver, Wash., property.
The Ridge was constructed in 1987. Image courtesy of Fourth Avenue Capital
Fourth Avenue Capital has grown its presence in the Portland, Ore., metro with the acquisition of an 80-unit community in nearby Vancouver, Wash. The company acquired The Ridge in an off-market transaction for nearly $14.8 million, the buyer told Multi-Housing News. Fourth Avenue declined to disclose the identity of the seller.
The property’s large floorplans and the area’s affordable rent levels relative to the cost of buying a home made the acquisition a compelling one, Davis Vaughn, managing partner at Fourth Avenue, said in a statement.
The Ridge was built in 1987 as a Class B community with 10 residential buildings. The one-, two- and three-bedroom units range from 680 to 1,118 square feet and were built with private garages, soaking tubs, electric fireplaces and washers and dryers. Select units also have vaulted ceilings and private backyards. The community’s amenities include a pool, clubhouse and playground, but the new ownership is planning to enhance the existing amenity spaces, as well as update the unit interiors.
Located at 6208 NE 17th Ave., the community is roughly four miles away from downtown Vancouver and its ongoing $1.5 billion waterfront project that will transform 32 acres into a mixed-use neighborhood with office, retail, hotel and park space. The Ridge is approximately 12 miles away from downtown Portland and cultural institutions like the Keller Auditorium, the Portland Art Museum and Providence Park.
Expanding in Portland
With the acquisition of The Ridge, Fourth Avenue now owns 18 assets, four of which are located in the Portland metro. The company started building out its portfolio with the acquisition of the 33-unit Blanton Commons in Beaverton, Ore., in May 2020 and the 52-unit Bell Tower at Old Town Square in Wilsonville, Ore., in June 2022. More recently, the company acquired the 71-unit Residences at Butler Creek in Gresham, Ore., in May 2023.
The company plans on buying and developing many more communities in both the Portland metro and the Northwestern U.S. in the coming years, Fourth Avenue told MHN. Being headquartered in Seattle and Spokane, Wash., Fourth Avenue focuses primarily on middle-market multifamily assets in the Pacific Northwest, including apartment rentals, townhomes and student housing communities.
