Washington Community Commands $46M
An entity affiliated with Clarion Partners purchased the property.
An entity affiliated with Clarion Partners has acquired Willow Pointe, a community in Vancouver, Wash., from a local private partnership, KPN Properties. The sales price of $45.5 million averages out to approximately $238,220 per unit.
Situated at 1317 Northwest 2nd Ave., the 191-unit property was built in 2000 on more than 15 acres. Willow Pointe’s unit mix of one- to three-bedroom residences averages approximately 1,162 square feet. The community is partially comprised of two- and three-bedroom townhome units, each with an attached two-car garage at the end of a private driveway. Detached garages are available at no extra charge for select one-, two- and three-bedroom apartments.
Willow Pointe was 97.9 percent occupied at the time of the sale, Yardi Matrix data shows. Residences feature vaulted ceilings, above-average ceiling heights, fireplaces, microwave ovens and high-speed Internet.
Common-area amenities include a fitness center, business center, clubhouse, basketball court, pool, spa and a tennis/pickleball court, the same data shows.
The Marcus & Millichap division of Institutional Property Advisors arranged the sale.
Nearby Portland
Situated near where Interstate 5 and I-205 come together, Willow Pointe delivers direct access to the Waterfront District of Vancouver as well as the greater Portland area. As a result of the access to Interstates, residents can make the 20-mile drive to Portland or the 10-minute drive to central Vancouver.
Willow Pointe is situated in the Knapp neighborhood, a green enclave nestled between the Columbia River and I-5. The town features an abundance of natural areas and includes a commercial district on the southeast quadrant where residents are able to access grocers, fitness centers and health care amenities.
Recreational amenities at Vista Meadows Neighborhood Park, Fairground Community Park, Salmon Creek/Klineline Pond, Felida Park and Whipple Creek Regional Park are all located a 5- to 15-minute drive from the community.
Earlier this month BRIDGE acquired a Portland property and preserved its affordability. The 340-unit property is made up of income-restricted one- and two-bedroom homes for households earning 60 percent of Area Median Income. Downtown Portland is approximately 10 miles away.
