CBRE Arranges $35.45 Million Sale of 160-Unit Multifamily Property in Vancouver, Washington

CBRE announced the sale of Carriage House Apartments, a 160-unit multifamily property located at 4714 NE 72nd Ave in Vancouver, Washington, for $35.45 million.

CBRE’s Joe Nydahl and Josh McDonald represented the buyer, Green Light Housing, and the seller, Jackson Square Properties. CBRE’s Debt & Structured Finance team, Nick Santangelo, Micah Springston, and Matt Thorp, also supported the transaction by sourcing accretive financing through Fannie Mae’s Multifamily Affordable Housing Program at a 75% LTV.

Green Light Housing has transitioned from a market rate housing developer to a developer and operator of affordable housing communities throughout Oregon. “We have now added a workforce housing acquisition and development platform and are thrilled to expand this work into Washington State with Carriage House Apartments," said Mark Desbrow, Founder and Managing Partner of Green Light Housing.

Built in 1993, Carriage House Apartments is a garden-style community offering a mix of one-, two- and three-bedroom units. Amenities include a swimming pool, fitness center, clubhouse and gated entry. The property is near major transportation corridors, retail destinations and employment centers throughout the Vancouver and greater Portland metro area.

“We are pleased to have gotten this deal across the finish line and grateful to both the buyer and seller for their partnership throughout the process,” said Josh McDonald, executive vice president at CBRE. “Carriage House represents exactly the kind of opportunity that continues to attract strong investor interest in the Vancouver submarket.”

The sale reflects continued investor demand for well-located multifamily assets in Southwest Washington, supported by strong fundamentals, limited new supply and ongoing population growth in the Vancouver area.