New York and West Coast Partners Acquire 200-unit Multifamily

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.