Walnut Creek, California (EastBayDaily) — Sequoia Equities, Inc. announces the acquisition of Heritage Green Apartments, a 333-unit, apartment community in Vancouver, Washington. This marks the first purchase in the Portland sub-market for the privately held real estate investment company, which currently manages nearly 10,000 units throughout California and Reno, NV.
Heritage Green is comprised of 339,894 square feet in fifty-eight, two-story residential buildings and one single-story clubhouse/office building. The property has a unique mix of garden-style flat and townhome floorplans. The asset itself has an incredibly advantageous position in the Fisher’s Landing neighborhood, which is known for being affordable, offering good schools, and being conveniently located near several large base employers.
Sequoia Equities, Inc. is breaking ground on a $9 million renovation process aimed at accentuating its low-density, homelike feel and bringing the units and property amenities to 21st century standards. Renovations will include construction of a new lifestyle center, updates to building exteriors, and complete modernization of the interior apartment homes. The project is expected to be substantially complete by mid-2012.
Sequoia Equities’ Senior Vice President, Bill Brooks says, “We see potential to respond to the needs of a growing market that exists for quality rental housing in the Fisher’s Landing neighborhood of Vancouver, WA. We know there is a strong demographic of highly qualified individuals who rent as a lifestyle choice, not out of necessity. The significant renovation investment at Heritage Green is a reflection of our desire to meet that market demand.”
The apartment community was purchased for $30,000,000, with 85% Fannie Mae financing. Sequoia Equities will also provide the operational management services for the property.
Founded in 1986, Sequoia Equities, Inc. (SEI) is a privately held, real estate operator and advisor. For more information about Heritage Green, please log on to http://www.ExperienceHeritageGreen.com.