Garden View Apartments is a 48-unit garden-style apartment community in Vancouver, WA, approximately 14 miles northeast of Downtown Portland. Built in 1977, we acquired the property in June 2022 with a value-add investment strategy. Garden View Apartments is well located just west of I-205 and within a 1-mile radius of strong community retail including Walmart, Fred Meyer, and Trader Joe’s-anchored shopping centers.

 

At acquisition, all of the units were in classic condition, and did not have in-unit laundry. However, the property was very well maintained by the previous owner, and apart from needing a roof replacement due to normal wear and tear, there was almost no deferred maintenance that needed to be addressed. In-place rents were nearly 8% below market in its unrenovated condition and more than 22% below market in post-renovation condition.