Portland-Area Apartments Trade for $29M
- May 28, 2019
Pathfinder Partners has acquired Creekside Village Apartments, a 132-unit multifamily community in Vancouver, Wash., from an affiliate of the ConAm Group, for $29 million. CBRE’s capital markets team of Brian Eisendrath and Cameron Chalfant arranged the financing for the deal.
The property is just the latest in a string of acquisitions by the San Diego-based company, which is in the midst of a strategy revolving around value-add investments in western U.S. mid-tier cities.
Located at 3100 Falk Road, Creekside Village Apartments was originally built in 1992. The property consists of two 15-story townhome buildings, four three-story residential buildings and a one-story building that contains the leasing office, clubhouse and fitness center.
Creekside Village Apartments offers 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bathroom townhome units and 72 three-bedroom/two-and-one-half bathroom townhome units.
Growing in Popularity
Nestled in the greater Portland region, the community is about 10 minutes from downtown Vancouver and the Portland International Airport.
According to Cushman & Wakefield’s latest Portland market report, the region is on pace to add more than 2.4 million square feet of office inventory between 2018-2021, and the Vancouver submarket is a major contributor to that. Overall, the Portland office is showing a dramatic change due to new construction and redevelopment, primarily within the center of the city.
The Vancouver area boasts an abundance of beauty and the community is between the scenic Cascade Mountains to the east and the Columbia River to the South. Major employers in the area include SW Washington Medical Center, SEH America, Wafertech, Legacy and Fred Meyer.
Pathfinder has transacted more than $1 billion of properties in the past 13 years. Earlier this month, the company sold Sienna Lofts, a 75-unit multifamily community in Portland, Ore., to San Diego-based Street Properties LLC and Street Properties Inc., for $14 million.