At a glance
- The seller was not named and terms were not disclosed.
- Built in 1987 at 11412 NE 49th Street, the property drew interest from investors "ranging from local family offices to the most active institutions," according to Berkadia, which represented the seller.
- The property already has a renovation program in place.
Chartwell Capital Partners acquired Oak Creek, a 180-unit apartment property in Vancouver, Wash., its first acquisition in Washington State, Connect CRE reported. The seller was not named and terms were not disclosed.
Built in 1987 at 11412 NE 49th Street, the property drew interest from investors "ranging from local family offices to the most active institutions," according to Berkadia, which represented the seller.
Oak Creek carries assumable HUD debt at a 2.18% rate. "In addition to the location and scale, the assumable HUD financing at a 2.18% rate provided a distinct advantage in today's uncertain debt environment," Dudunakis said in the report. The property already has a renovation program in place.
The 2.18% assumable financing fixes the largest line item in the deal, so the buyer's return depends on the renovation program and rents rather than refinancing.
Reported by the Deals desk from Connect CRE. Published . Corrections