Dwight Capital’s $26M Agency Loan Finances Rental Complex in Washington State
A borrowing group led by private investor Ted Gilbert has secured $26 million in agency debt from Dwight Capital for Oak Creek Apartments in Vancouver, Wash., sources close to the transaction told Commercial Observer.
The U.S. Department of Housing and Urban Development (HUD)-insured, Section 223(f) financing retired existing debt on the property in a deal that closed in late October, according to Clark County public property records.
The deal was originated by Dwight Managing Principal Josh Sasouness.
Vancouver Ventures IV — the ownership entity associated with Gilbert — along with Liston Properties LLC, QASG Properties LLC, R&P Schleining LLC and RAMIS ABOC LLC are the owners of the asset, per Clark County Records.
Gilbert has ties to Gilbert Bros. Commercial Brokerage Co., which is based in Portland, Ore. Liston Properties has an address at 1205 Southwest 18th Avenue in Portland, which matches the location of the Portland Affordable Housing Preservation Trust, as per Clark County records and sourced information about the LLC entity. The Portland Affordable Housing Preservation Trust did not respond to an inquiry prior to publication.
The 180-unit property sits on eight acres at 11412 Northeast 49th Street in Vancouver, a town located on the southeast border of Washington and Oregon, just north of Portland, Ore. The site has 11 apartment buildings, two separate non-rental buildings, and three garage structures. It was last renovated in 2014. As of the start of this year, the value of the property was set at nearly $21.5 million, as per Clark County assessment data from Jan. 1.
Community amenities include a sand volleyball court and a swimming pool. The clubhouse building has a resident’s lounge, a fitness center and a small, on-site laundromat.
While monthly rents for one-bedroom units could be gleaned from the property’s website or from third-party listing and research outlets, its two-bedroom apartments currently go for around $1,400 to $1,500 per month, according to its website and information from Apartments.com.
Gilbert and the other entities could not be reached for comment.