Passage was acquired as part of a multi-state portfolio and is located in Vancouver, WA. The property is located just off the 205 Freeway, as well as Lewis and Clark Highway (14), providing easy access to Portland CBD (15 miles southeast) and downtown Vancouver (8 miles west). Vancouver continues to act as a less expensive, tax-beneficial alternative to Portland CBD, while still hosting employment centers of its own (mainly focused in technology). Located nearby the Columbia River, the property sits in one of the nicer areas in Vancouver, with an acclaimed school district. The average household income within a 3 mile radius is more than $67,000, with an expected population growth of 5.5% by 2020. TruAmerica intends to improve kitchen and restroom finishes and upgrade unit flooring in order to capture sizable rental premiums.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Passage Apartment Homes offer spacious two and three bedroom apartments rentals located in a well-established neighborhood of East Vancouver. Enjoy direct and easy access to Mill Plain Blvd off of 123rd. The community is very close to I-205 and Hwy 14 for easy commuting throughout the area and to across the bridge to Portland, Oregon. A convenient and desired feature of Village on Seventh is its proximity to great schools, local businesses and major employers.
- Covered and garage parking
- Resident clubhouse and lounge
- Fitness center
- 24-hour property management