VANCOUVER, Washington: Joseph Bernard Investment Real Estate recently sold the Bryant Village Apartments, 22 units located east of I5 in the central area of Vancouver, Washington. The multifamily property featured twenty two recently remodeled apartment units in a quiet, tree lined, beautiful setting.
The sellers of the property originally purchased the apartments with the intention of remodeling and upgrading the units. They extensively renovated the property, and the result was a “like new”, duplex style complex with new roofing, paint, landscaping and an interior overhaul. The result totally transformed the complex into a very beautiful, enjoyable living space for tenants. The sellers reported spending close to $1 million for the renovation of these apartment units.
Price per unit: $138,636
Price per square foot: $154
Estimated cap rate (stabilized): 7%
All twenty two units are two bedroom and one bath, and twelve of the units were totally renovated. Ten of the units had a “partial” renovation. The newly renovated units were renting at $1,175-$1,225 at the time of sale.
The Vancouver apartment market is very interesting, as the prices have a HUGE VARIANCE depending on location and condition. This property sold for a relatively high price per unit, but it also has a tenant base that is willing to pay more for higher quality units as compared to some of the neighboring properties. Tenants renting this property have a really nice unit with newer appliances, flooring, cabinets, and off street parking. Like other secondary markets (i.e. Salem, Gresham, etc.) the Vancouver market appears to have tenants who appreciate higher quality units and will pay for those types of situations.
For more information on the Vancouver market, or other listings in Vancouver, call Bernard Gehret at 503-546-9390.
Phillip Barry of Joseph Bernard Investment Real Estate represented the sellers. Thanks to Steve Zimmerman for the photos.