Everett, WA, May 26, 2022 – CEP Multifamily announced their May 26, 2022, acquisition of 5 Points, a newly constructed, 92-unit apartment community in Vancouver, WA (located at 1900 NE 113th Ct, Vancouver, WA).
5 Points is the third acquisition in Vancouver since 2020 for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to approximately 1,600 units, nearly 400 of which are in Clark County. The acquisition price was $23.92 million ($260,000 per unit), according to Josh Jansen, CEP Multifamily’s President and Managing Partner.
“We identified Vancouver in early-2020 as the top growth market for our suburban, core-plus investment strategy,” said Jansen. “Clark County offers a high quality of life, relative affordability, strong local economic fundamentals with direct linkages to regional employment hubs, and a diverse, well-educated labor pool to support long-term population and employment growth…trends we believe will accelerate in the coming years.”
Ira Virden and Carrie Kahn of JLL-Portland represented CEP Multifamily on the acquisition.