Fourth Avenue Capital purchased The Ridge, a class B multifamily property located in Vancouver, Wash., in an off-market transaction.
Built in 1987, The Ridge consists of 80 apartment units within 10 residential buildings on 3.05 acres of land. The property includes a leasing office, playground and pool. The property features large floorplans averaging 1,030 square feet, almost all of them the highly desirable two-bedroom/two-bathroom or three-bedroom/two-bathroom layouts. All units have a dedicated private garage parking space and washer/dryers.
The asset represents a value-add investment with moderate upgrade characteristics. FAC will be updating unit interiors as well as enhancing the existing amenity spaces.
