Fourth Avenue Capital purchased The Ridge, a Class-B multifamily property located in Vancouver, Washington in an off-market transaction. Fourth Avenue Capital now owns 18 assets across its portfolio, including three other properties in the Portland MSA.
Vancouver is part of the Portland MSA and Clark County is the fastest growing county in the MSA. The area continues to receive outsized investment, most notably with the $1.5B 32-acre Vancouver waterfront project that is underway. This 20-block project already features 1.3M SF of office, 250K SF of retail, a 7.3-acre park, a Hotel Indigo and continues to expand. Offering an unapparelled quality of life, Vancouver features 90 parks, 20 natural areas, 8 golf courses and quick access to major highlights like Mount Hood and Mount St. Helens.
The asset represents a value-add investment with moderate upgrade characteristics. FAC will be updating unit interiors as well as enhancing the existing amenity spaces.
According to Davis Vaughn, Managing Partner at Fourth Avenue Capital, “the acquisition of The Ridge was a compelling opportunity to buy a unique asset in a central Vancouver location. With the large floorplans and affordable rent levels compared to home ownership in the area, we feel this asset is well positioned in a growth market and look forward to improving the resident experience by executing our business plan.”
