Jackson Square Properties Buys $45M WA Community
With this acquisition, Jackson Square Properties expands its already significant multifamily portfolio in Vancouver, Wash.
By D.C. Stribling
Bridge Creek Apartments, Vancouver, Wash.
Jackson Square Properties has acquired Bridge Creek, a 270-unit, garden-style apartment community in Vancouver, Wash., for $45.5 million. Larkspur, Calif.-based Aukum Group was the seller.
Bridge Creek is located at 9211 NE 15th Ave., near Clark College and Washington State University. The property’s one-, two- and three-bedroom units feature fully equipped kitchens, in-unit washers and dryers, and garages. Common amenities include a swimming pool with sundeck, fitness studio, resident lounge, business center, off-leash dog park and playground.
HFF represented the seller in the transaction and procured the buyer. The HFF team included Senior Managing Director Ira Virden and Director Carrie Kahn.
Rents on the Upswing
Demand for apartments in Vancouver, Wash., has been spurring rent increases recently. According to RentCafe, the average rent for an apartment in Vancouver is now $1,230, a 7 percent increase compared to a year ago, when the average rent was $1,146.
Jackson Square, based in the San Francisco Bay area, has a considerable presence in the Vancouver, Wash., apartment market. Besides the newly acquired Bridge Creek, it also owns Autumn Chase, Carriage House, Carriage Park, Meadows at Cascade Park, Renaissance at 29th, The Addison and Walnut Grove Landing, all apartments in that Portland, Ore., suburb.
In another recent deal, HFF represented Jackson Square in the sale of The Park at Canyon Ridge, a Denver multifamily community.
Images courtesy of Bridge Creek Apartments
