Kidder Mathews is pleased to announce the sale of an 80-unit apartment portfolio in Vancouver, Washington for $20,000,000. The portfolio comprises three buildings: Broadway (36 units), Hamilton (30 units), and Eliza (14 units). The three buildings are located at 1901, 2000, and 2008 Broadway Street. The Portland-based Kidder Mathews’ multifamily team led by Jordan Carter, Clay Newton and Tyler Linn facilitated the transaction on behalf of the seller, WDC Properties, a Portland-based development company.
“We continue to see Vancouver as a strong and viable marketplace with population growth and rental demand,” said Mark Madden, Principal and owner of WDC Properties. “Our projects’ dispositions provide additional capital for our future developments and will help offset higher interest rates for new projects.”
“Vancouver has become an increasingly desirable submarket for investors over the last few years,” said Kidder Mathews Executive Vice President Jordan Carter. “Many investors prefer Vancouver over Portland today as it has seen tremendous growth while not being subject to the same regulatory hurdles as across the river.” Carter added that the buyer for these buildings was in a 1031 tax-deferred exchange from out of state and assumed favorable in-place financing with below market interest rates.
Broadway was completed in 2018, Hamilton in 2019 and Eliza in 2020. They are located within a block of each other in Vancouver’s Uptown Village neighborhood, just north of the downtown core.
