VANCOUVER, WA-Real Estate Capital Partners (RECAP) of New York City has acquired a 200-unit apartment community in Vancouver, WA in a joint venture with West Coast-based Holland Partners. The Class B garden apartment property, called Arnada Pointe, was built between 1995 and 1997.
The purchase marks a recapitalization of an existing Holland Partners led joint venture that acquired Arnada Pointe in 2008. RECAP, through its Metropolitan Opportunity Fund III, LP, created a new JV with Holland Partners to recapitalize the asset.
This is the 14th investment for the RECAP Fund, which has acquired a geographically diverse portfolio of apartment development joint ventures and value-add acquisitions. RECAP has worked successfully with Holland Partners’ principal Clyde Holland for over 16 years, partnering on both ground-up developments and acquisition of value-add multifamily properties.
RECAP and Holland Partners have previously partnered in the acquisition of six multifamily communities in the Western United States with a total of more than 2,100 units and total capitalization of over $220 million.
“Arnada Pointe presents an excellent opportunity to invest in the greater Portland area and further our relationship with Holland Partners who is well-versed in the Vancouver market,” said Stephen Henry, RECAP. Arnada Pointe is conveniently located near the intersection of I-5 and SR500, with easy access to both Portland and downtown Vancouver.
Just south of the community, Main Street leads to Vancouver’s revitalized downtown with a multitude of businesses, entertainment, and dining options surrounding a historic city square. Just five minutes from the community, Jantzen Beach Center is undergoing a $50 million redevelopment to provide a Class A retail destination.
About RECAP: Founded in 1989, Real Estate Capital Partners ("RECAP") is a US real estate investment advisor that strives to create superior risk adjusted returns by investing in US real estate. Since its inception, the company has invested in approximately $10 billion of US real estate on behalf of high net worth families and institutions. These investments, comprising over 260 properties in 32 states, include existing and to-be-built residential, office, industrial, retail, and mixed-use properties totaling over 14.5 million square feet of commercial space and 50,000 multifamily residential units. RECAP’s investment strategies include core and value-add acquisitions, joint venture developments, and separate accounts. RECAP’s senior management team develops the company’s investment strategy, oversees the investment/disposition process, and manages a staff of more than 60 professionals with offices in New York, Dallas, San Francisco, and suburban Washington, DC. For more information, visit www.recp.com.