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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Greystar has sold a 12-building multifamily property in Hillsboro.

The buyer of Avana Orenco Station – a 264-unit development – was Jackson Square Properties, a San Francisco-based real estate investment firm.

The terms of the deal were not available from Washington County, and were not disclosed by the buyer or seller. The 9.8-acre property previously sold for $51 million in 2014. The county assessed the property’s market value last year at $61.9 million.

Avana Orenco Station is also known as the Grove at Orenco Station.

Jackson Square Properties acquired the property free and clear of existing financing, according to Jones Lang LaSalle, which marketed the property for Greystar.

The buildings have a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom floor plans averaging 925 square feet. The property is within walking distance of TriMet’s MAX Blue light-rail line and near Intel’s Hillsboro campus.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden and Senior Director Carrie Kahn.

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A garden-style multifamily complex in Vancouver, Washington, has sold for $45.5 million.

Jackson Square Properties of San Francisco purchased Bridge Creek Apartments, a 270-unit housing complex located at 9211 N.E. 15th Ave. Located near Salmon Creek, the property includes one-bedroom, two-bedroom and three-bedroom apartments.

The seller, Aukum Group of Larkspur, California, was represented by Holliday Fenoglio Fowler. HFF‘s team included senior managing director Ira Virden and director Carrie Kahn.

The units feature kitchens, in-unit laundry appliances and garages. Other amenities include a swimming pool, a fitness studio, a business center, an off-leash dog park and a playground.

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