VANCOUVER-The recovery of the multifamily market continues to gain steam, this time with the sale of Orchard Pointe Apartments in Vancouver, WA. Investco sells the 388-unit property to Holland Residential for $31.25 million or $80.541 per unit.
CB Richard Ellis represented Investco in the sale. “The property offered a winning combination—the ability to add value with unit upgrades, high quality construction and an attractive price per unit,” explains Jon Hallgrimson, who marketed the property for the seller with colleagues Frank Bosl, Kirk Taylor, Ann Blume and Graham Taylor.
“Holland, which invests nationally but is based in Vancouver, anticipates significant rental growth in the local submarket,” Bosl adds. Orchard Pointe offers a garden court design with two and three-story buildings. Outstanding community amenities include a fitness center, two pools, covered parking, playground, tanning beds and an off-leash do park. The 33-acre Orchards Community Park is nearby and features walking trails, open lawn and play areas. A variety of employers, from retail to high tech are in the immediate area, along with easy freeway access.
“The Portland/Vancouver market has finally turned the corner and is once again seeing great potential,” Taylor explains.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
