August 4, 2020
NORRIS & STEVENS, INC. BROKERS $18.335M SALE OF WESTWYND APARTMENT HOMES IN VANCOUVER, WA DURING COVID-19
Rise Properties (Westwynd) Limited Partnership, a REIT based in Seattle, Washington, recently completed the $18,335,000 purchase of Westwynd Apartment Homes, a 120-unit multi-family property located at 10117 NE 9th Avenue in Vancouver, Washington. It is Rise’s first acquisition in the Portland/Vancouver metro area.
David C. Chatfield, Senior Broker, Multi-family Investments, and Timothy Mitchell, President, with Portland-based Norris & Stevens, Inc. represented both parties in the transaction. “The property was marketed, placed under contract, and escrow closed during the COVID-19 Pandemic,” commented Mr. Chatfield. “From executing the exclusive listing in January to an on-time closing in June, it was a challenging time to take a property to market.”
The 120-unit garden complex, located off of I-5 in the Starcrest sub-market of Northwest Vancouver, was built in 1982 and underwent significant renovations throughout 2017-2019. The property, encompassing seven residential buildings, a clubhouse/office/pool and a garage building containing 20 single-car units, was 98.6% occupied at the time of closing. The property was sold by Christensen Properties I, LLC of Vancouver, Washington.
“We received 97 signed confidentiality agreements and 17 offers despite the specter of the pandemic looming on our doorstep,” said Mr. Mitchell. “This was a testament to the quality of the asset and the pride of ownership that the Christensen family operated the property with.”
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 6 million square feet of commercial space and 9,000 apartment units.