By Meghan Hall
A San Diego-based residential real estate company has snapped up a trio of Vancouver, Wash., multifamily assets in several deals that closed Wednesday. According to sources familiar with the transaction, the firm acquired Larkspur Place, Sedona at Bridgecreek and Silver Oak Apartments for a combined $136.8 million. Combined, the properties total 504 units and mark a significant transaction in growing Vancouver.
In the biggest deal, ColRich acquired the Silver Oak Apartments for $55.7 million, or about $273,039 per unit. The community is located at 8701 NE 54th St. and has 204 one-, two- and three-bedroom units. The seller was an entity affiliated with Silver Oak Apartments, LP.
In a second deal, Sedona at Bridgecreek was purchased for $52.9 million, or $264,500 per unit. The asset includes 200 apartments and is located at 2220 NE Bridgecreek Ave. Units are a mix of one- and two-bedroom units, according to the property’s website, and feature patios and upgraded cabinetry.
Larkspur Place was acquired in the final transaction for $28.2 million, or $282,000 per unit. The community totals 100 units. It is located at 7609 NE Vancouver Mall Dr., with units ranging from about 750 square feet to more than 1,500 square feet.
The property’s new owner, ColRich, acquired the communities through several limited liability companies: CR Silver Oak Communities, CR Sedona Communities, and Jutland LArkspur Pl . Sources familiar with the deal stated that the deals were all executed with tenancy in common, although ColRich was the main partner on the acquisitions.
ColRich is a second-generation, family-owned real estate company, according to the firm’s LinkedIn. The firm’s portfolio includes a wide mix of single-family, townhomes, mid-rise condominium units and apartments, and over the course of its history has acquired 14,000 units throughout the Western United States.