A Portland-based business has purchased a 160-unit apartment complex in Vancouver, Washington, for $35.45 million.

Mark Desbrow’s Green Light Housing snapped up the Carriage House Apartments in a transaction that values the Southwest Washington asset at $221,563 per unit.

Green Light has transitioned from developing market-rate housing into developing and operating affordable housing, Desbrow stated in a news release.

“We have now added a workforce housing acquisition and development platform and are thrilled to expand this work into Washington state with Carriage House Apartments,” stated Desbrow, Green Light’s founder and managing partner.

The seller was Jackson Square Properties, a San Francisco-based investment group.

CBRE‘s Joe Nydahl and Josh McDonald represented both the buyer and the seller.

Well-located Vancouver multifamily properties continue to draw investment, supported by strong fundamentals, limited new supply and continued population growth, according to CBRE.

“Carriage House represents exactly the kind of opportunity that continues to attract strong investor interest in the Vancouver submarket,” stated McDonald, a CBRE executive vice president.

CBRE Debt and Structured Finance team members Nick Santangelo, Micah Springston and Matt Thorp sourced accretive financing through Fannie Mae‘s Multifamily Affordable Housing Program at a 75 percent loan-to-value ratio, CBRE stated.

Carriage House Apartments was built in 1993 at 4714 N.E. 72nd Ave. in Vancouver. Its units have two or three bedrooms. Amenities include a swimming pool, a fitness center, a clubhouse, a gated entry and surface parking.

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