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.

Instant Insights /

New York and West Coast Partners Acquire 200-unit Multifamily

Related Stories

Recommended For You