The Portland office of Global Real Estate Advisors (GREA) is excited to announce the $38.5 million sale of Meadow Brook Place Apartments, a 154-unit, garden-style, value-add apartment community in Vancouver, Washington.
Even in the challenging lender environment, the GREA team was able to use their vast marketing power to uncover qualified buyers still active in the market, meeting the seller’s time frame and exceeding their pricing expectations.
Meadow Brook Place was built in 1996 and features spacious one-, two-, and three-bedroom apartments. The property is nestled in a quaint residential area near Burnt Bridge Creek and Meadowbrook Marsh natural areas. Meadow Brook Place is located conveniently close to Interstate 205, State Route 500, and Vancouver Plaza, a retail center with retailers including Target and Bed, Bath & Beyond.
The property comprises 17 buildings and includes ample off-street parking, storage space, a rental office, a pool, and a basketball court. Components of the exterior have been updated, including new windows, siding, and roofs. The spacious one-, two-, and three-bedroom apartment interiors are unrenovated, offering the new owner an immediate value-add opportunity.
The GREA broker team facilitating the transaction was led by partners Greg Frick, Tyler Johnson, and Rob Marton.
“Meadow Brook Place was a unique opportunity where many of the major components were newer and the units ready to be taken to the next level,” said Greg Frick. “The central location in Vancouver, Washington, makes it convenient for those working throughout the Portland metro while providing a safe and residential home environment near desirable retail and other local amenities.”
About GREA – Portland
For 23 years, GREA’s Pacific Northwest office has been the region’s leading apartment broker. Our team of 10 brokers has worked collaboratively with our expert support staff to complete the sale of more than 39,000 apartment units valued at over $5 billion since our founding in 1999. We are consistently awarded more multifamily listings than any other commercial real estate firm in the Northwest, earning our clients’ trust and creating long-term relationships in our pursuit of exceptional client outcomes.