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Bay Area Investor Strengthens $3.8B Multifamily Portfolio with Vancouver Acquisition

Jackson Square Properties Pays $45.5M for 270-Unit Bridge Creek
January 26, 2018
Jackson Square Properties, a private real estate investment company based out of San Francisco, expanded its Portland market presence with the acquisition of the 270-unit Bridge Creek apartments in Vancouver, WA. The Aukum Group sold the community for $45.5 million, or about $168,000 per unit.

The Bay Area investor, which owns more than 75 multifamily communities valued at $3.8 billion, now owns eight communities in the Portland market, including the 400-unit Autumn Chase, the 296-unit Walnut Grove Landing and the 253-unit Renaissance at 29th, according to the company’s website.

Located at 9211 NE 15th Ave., Bridge Creek is in close proximity to Clark College, Washington State University and the Portland International Airport. The multifamily community features 59 one-, 134 two- and 77 three-bedroom floor plans. Community amenities include a dog park, swimming pool, fitness studio, lounge and business center.

At the time of the sale, the asset was 93 percent occupied.

Ira Virden and Carrie Kahn of Holliday Fenoglio Fowler LP (HFF) represented the seller.

Please refer to CoStar COMPS #4116811 for more information on this transaction.
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