(EDITOR’S NOTE: According to sources that are familiar with the transaction, the asset sold for $39.5 million, or about $267,000 per unit.)
VANCOUVER, Wash. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), recently announced the sale of Autumn Grove, a 148-unit multifamily asset in Vancouver, Washington.
“This investment by The Calida Group marks the Las Vegas-based company’s first acquisition in the Portland MSA,” said Anthony Palladino, IPA vice president. “The sale is representative of the influx of new capital migrating to Vancouver and other multifamily markets throughout the Pacific Northwest in the post-pandemic environment. The trend of investing in newly built assets in the Portland MSA is a factor of relative cost versus new construction, which is expected to continue as material and labor expenses increase.” Palladino, along with IPA’s Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the buyer.
“Autumn Grove was completed in three phases,” added Palladino. “After receiving its certificate of occupancy in the spring, the property performed exceptionally well throughout the initial lease-up phase and was 86% leased at the time of closing.” Autumn Grove is adjacent to Vancouver Mall, and easily accessible from interstates 205 and 5.
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.