Investment Overview

The Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for of sale of Maple Ridge (the “Property”), a 116-unit multifamily community strategically located within the Mill Plain corridor or Vancouver, Washington, offering several shopping, dining, and retail amenities within minutes of the Property. Additionally, the City of Vancouver, Washington was ranked the fastest growing city in the Pacific Northwest from 2019 to 2023, with a current population of 196,442 making it the fourth largest city in the state.

The Property offers a balanced unit mix of one-, two-, and three-bedroom homes with an average unit size of ±1,025 square feet. Maple Ridge features a large concentration of lofted townhouse-style floor plans (58 units), which cater to families and renters who desire more space. The Property also boasts several amenities that are unique within the submarket, including in-unit central A/C, gas fireplaces, walk-in closets, and lofted ceilings, in addition to expansive clubhouse and large outdoor seasonal pool.

Maple Ridge is strategically located near the confluence of Interstate 205 and Mill Plain Boulevard, providing residents direct access to the rapidly expanding downtown Vancouver Waterfront and greater Portland MSA. Directly west of the Property (1.0 miles) is the area’s primary economic driver, Peace Health Southwest Medical Center, one of the top-rated hospitals in Washington State.

Given the impressive growth trajectory that is taking place in the greater Clark County area, and the enduring physical qualities of the Maple Ridge, this offering represents a rare opportunity to purchase at a significant discount to replacement cost, and is ideally positioned for an incoming investor to capitalize on future growth.

Blank-Slate Value-Add Opportunity

Long-term private ownership has diligently maintained the property and grounds; however, all unit interiors retain original finishes, providing rental upside which is projected to lead to roughly $325/mo. premium with a value-add renovation program.

Market-Leading Floor Plans & Unit Amenities

Spacious floorplans averaging ±1,025 square feet, including 58 lofted townhome-style layouts (50%). All units have central A/C and gas fireplaces.

Significant Discount to Replacement Cost

Given the large floor plans with ample parking and amenity spaces in an infill location, the cost to reproduce Maple Ridge today is estimated to be ±30% higher than pricing guidance.

Pride of Ownership

Maple Ridge has been cared for by the same ownership group for over 25 years. The attentive approach to property operations has led to a high retention rate and a strong operating history with an average occupancy rate of 97.1% over the last 12 months.

Strategic Location & Accessibility to Employment Drivers

Located near the confluence of Mill Plain Boulevard and Interstate 205, providing residents direct access to the nearby employment drivers, downtown Vancouver Waterfront, PDX Airport, and the greater Portland MSA.

#1 Fastest Growing City in the Pacific Northwest

Vancouver was recognized by the Census Bureau in 2023 as the fastest-growing city in the Pacific Northwest. In 2022, Clark County gained an estimated 14,000 new residents relocating from Multnomah County, largely due to its distinct tax landscape.