SEATTLE, Nov. 20, 2023 /PRNewswire/ — Fourth Avenue Capital purchased The Ridge, a Class-B multifamily property located in Vancouver, WA in an off-market transaction. Fourth Avenue Capital now owns 18 assets across its portfolio, including three other properties in the Portland MSA.
Built in 1987, The Ridge consists of 80 apartment units within 10 residential buildings on 3.05 acres of land. The property includes a leasing office, playground and pool. The property features large floorplans averaging 1,030 SF with 98% being the highly desirable 2×2 or 3×2 layouts. All units have a dedicated private garage parking space and washer/dryers.
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.”
About Fourth Avenue Capital
Fourth Avenue Capital is a real estate investment, development, and operating company headquartered in Seattle and Spokane, Washington focused on middle market multifamily assets in the Pacific Northwest. FAC has acquired over 1,000 units/ beds to date and has total assets under management of nearly $250M.
Fourth Avenue Capital plans to expand its portfolio through strategic acquisitions, leveraging strong relationships with industry partners and its ability to identify attractive investment opportunities. By aligning investor interests and implementing sustainable practices, the company aims to create lasting value while making a positive impact on the communities it serves.
For more information about Fourth Avenue Capital, its investment opportunities, and to get in touch with the team, please visit www.fourthavecapital.com
SOURCE Fourth Avenue Capital
Originally published at https://www.prnewswire.com/news-releases/fourth-avenue-capital-acquires-the-ridge-apartments-in-vancouver-wa-301992062.html
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