VANCOUVER, WA-Real Estate Capital Partners (RECAP) of New York City, in a joint venture with West Coast-based Holland Partners, has acquired a 200-unit apartment community in Vancouver. Arnada Pointe is a class B garden apartment property, built between 1995 and 1997.
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 diverse portfolio of apartment development joint ventures and value-add acquisitions.
“Arnada Pointe presents an excellent opportunity to invest in the greater Portland area and further our relationship with Holland Partners who is well-versed in the Vancouver market,” said Stephen Henry, RECAP.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
