VANCOUVER, WA-Real Estate Capital Partners (RECAP) of New York City, in a joint venture with West Coast-based Holland Partners, has acquired a 200-unit apartment community in Vancouver. Arnada Pointe is a class B garden apartment property, 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.
“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.
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 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.
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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
