Seattle real estate investment company Fourth Avenue Capital has purchased Hazel Dell apartment complex The Ridge, making it the fourth Portland-area property for the Seattle company. (Amanda Cowan/The Columbian)
The complex at 6208 N.E. 17th Ave. is the 18th property for the Seattle company and the fourth in the Portland area.
“The acquisition of The Ridge was a compelling opportunity to buy a unique asset in a central Vancouver location,” Davis Vaughn, managing partner at Fourth Avenue Capital, said in a statement last week.
The property, built in 1987, includes 10 residential buildings with a total of 80 apartment units. They average 1,030 square feet. Most are two- and three-bedroom units with two bathrooms, according to Fourth Avenue Capital. All have private garage parking spaces and washers and dryers.
Fourth Avenue Capital plans to update the apartment interiors and enhance The Ridge’s common spaces.
In the statement, the company pointed to Clark County being the fastest-growing county in the Portland metropolitan area and to nearby amenities, such as the Waterfront Vancouver.
“With the large floor plans and affordable rent levels compared to homeownership in the area, we feel this asset is well positioned in a growth market,” Vaughn said.
He added the company is looking forward to improving The Ridge’s resident experience.
The property has been sold several times since it was built. It was most recently owned by Evergreen Ridge Associates LLC, associated with local investment group Westland Apartment Investors and its founder Jerry Mason, according to county records.
Fourth Avenue Capital didn’t disclose how much the property was purchased for, but its assessed value is $13.2 million.
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