VANCOUVER, WA –The Mogharebi Group ("TMG") has completed the sale of Fountain Village Apartments and Promenade Apartments, two separate communities in Vancouver, WA. The properties sold for a total of $59,000,000 with multiple competing offers. Ryan Kidwell of The Mogharebi Group represented the buyer, a Canada-based REIT.
"Both properties are newer construction class B assets with solid in-place cashflow and rental upside. These two assets presented the Buyer with a tremendous opportunity to increase their returns and perfectly fit their investment criteria", said Ryan Kidwell, Senior Vice President of The Mogharebi Group. "It was our breadth of longstanding relationships across the spectrum of investors, from private high net worth and exchange buyers to multinational institutions, that ultimately allowed us to procure a buyer whose goals were accomplished and simultaneously achieve the seller’s expectations.”
Built in 2016, Fountain Village Apartments is a 160-unit complex located at 11900 NE 103rd Street in Vancouver. The community sold for $35,500,000 which equates to $221K per unit and $252 per square foot. The property comprises 14 total residential buildings totaling 140,834 rentable square feet. Fountain Village features spacious 1-, 2- and 3-bedroom floor plans with an average size of 879 square feet. The property amenities include a clubhouse, dog run and playground all within a gated community.
Built in 2018, Promenade Apartments is a 100-unit residential complex with an adjacent 51-unit self-storage facility located at 11903 NE 116th Street in Vancouver. The community sold for $23,500,000 which equates to $235K per unit and $225 per square foot. The property comprises 4 total residential buildings totaling 91,816 rentable square feet while the self-storage addition is 12,600 square feet. Promenade features spacious 1-, 2- and 3-bedroom floor plans with an average size of 918 square feet. The property amenities include a clubhouse and covered parking within a gated community.