By Dees Stribling, Contributing Editor
Vancouver, Wash.—A joint venture of New York-based Real Estate Capital Partners (RECAP) and the locally based Holland Partners has acquired a Vancouver, Wash., apartment community, Arnada Pointe. The property is a 200-unit garden apartment, built in the 1990s.
Arnada Pointe is located near the intersection of I-5 and Washington 500, making it accessible both to Portland—Vancouver is a suburb of Portland—and downtown Vancouver. The property is also near Jantzen Beach Center, a retail property that’s currently undergoing a $50 million redevelopment.
The apartment market is tight in greater Portland. According to the trade group Multifamily NW, apartment vacancies in the market stood at about 3.5 percent in the first quarter of this year. Vancouver’s vacancy rate is roughly that, at 3.4 percent. Construction is up, however, with more than 2,600 new units completed in 2012 and 5,300 slated for completion in 2013 or 2014.
The purchase marks a recapitalization of an existing Holland Partners-led joint venture that acquired Arnada Pointe in 2008. RECAP, through its Metropolitan Opportunity Fund III LP, created a new JV with Holland Partners to recapitalize the asset. This is the 14th investment for the RECAP Fund, which has acquired a geographically spread portfolio of apartment development JVs and value-add acquisitions.
RECAP has worked with Holland Partners’ principal Clyde Holland previously, partnering on both ground-up developments and acquisition of value-add multifamily properties. RECAP and Holland Partners have thus far partnered in the acquisition of six multifamily properties in the western United States, with a total of more than 2,100 units.