Institutional Property Advisors Closes Multifamily Asset Sale in Vancouver Washington
November 19, 2024
VANCOUVER, Wash., Nov. 19, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Willow Pointe, a 191-unit apartment property in Vancouver, Washington. The $45.5 million sales price equates to $238,220 per unit.
“Situated on over 15 acres, Willow Pointe has a park-like setting,” said Anthony Palladino, IPA vice president. “The property features a unique and desirable unit mix with an average unit size of 1,162 square feet. Furthermore, the community is partially comprised of townhome units, each with an attached two-car garage and private driveway.” Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, and Nick Ruggiero represented the seller, a local private partnership, and procured the buyer, an entity associated with Clarion Partners.
Located near the confluence of Interstate 5 and Interstate 205, Willow Pointe provides direct access to the Vancouver Waterfront District and the Greater Portland MSA. “Given the positive submarket dynamics, declining interest rate environment and the value-add potential for full interior and common area renovations, the opportunity was well received by investors within the marketplace,” added Palladino.
“Situated on over 15 acres, Willow Pointe has a park-like setting,” said Anthony Palladino, IPA vice president. “The property features a unique and desirable unit mix with an average unit size of 1,162 square feet. Furthermore, the community is partially comprised of townhome units, each with an attached two-car garage and private driveway.” Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, and Nick Ruggiero represented the seller, a local private partnership, and procured the buyer, an entity associated with Clarion Partners.
Located near the confluence of Interstate 5 and Interstate 205, Willow Pointe provides direct access to the Vancouver Waterfront District and the Greater Portland MSA. “Given the positive submarket dynamics, declining interest rate environment and the value-add potential for full interior and common area renovations, the opportunity was well received by investors within the marketplace,” added Palladino.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.