January 14, 2014
PROVO, Utah (Jan. 14, 2014) – Peak Capital Partners, a Utah-based residential multifamily investment company, today announced it acquired The Villas at Bridge Creek, a 103-unit apartment community in Vancouver, Wash.
The community was purchased from Washington-based Kingsbury LLC. Peak Capital Partners financed the transaction with a Fannie Mae loan. Financial terms of the contract were not disclosed. The current occupancy rate of The Villas at Bridge Creek is 96 percent.
“This is the first apartment community Peak Capital Partners has acquired in the Portland region,” said Jamie Dunn, founder and managing partner of Peak Capital Partners. “Going forward, we hope to acquire more multifamily properties in this region. New jobs are gaining momentum in Vancouver while the area’s unemployment rate continues to be less than the national average.”
Peak Capital Partners plans to make exterior improvements to the property. The Villas at Bridge Creek, at 2011 Brandt Road in Vancouver, offers one- to three-bedroom unit apartments and are income restricted rental units. The community is conveniently located near major interstates with access to shopping, medical facilities, and recreation.