A VALUE-ADD INVESTOR’S DREAM

ASHLEY TERRACE

GOAL

The client, a California-based investment group, sought to acquire a value-add asset in a high-growth market with strong fundamentals and limited new supply. Their goal was to secure a post-1980s vintage property that still offered operational upside through renovations, management improvements, and long-term rent growth.

CHALLENGE

While the fundamentals were strong, the seller had owned the property for over 25 years with minimal turnover, creating a large backlog of unrealized rent premiums. Due to compressed cap rates in Vancouver, the client faced strong competition from other regional and institutional buyers who were also seeking similar inventory. Additionally, timing the close with debt assumptions and transition planning added complexity.

ACTION

Our team leveraged deep knowledge of the submarket and buyer behavior to position Ashley Terrace as a rare post-1990s asset with significant upside. We created a competitive bidding environment, proactively addressed buyer objections regarding renovation scope, and highlighted unit-level amenities (private garages, W/Ds, large layouts) that justified future rent growth. The property was ultimately placed under contract with a strategic 1031 exchange buyer who saw the long-term growth narrative and closed at full price.

RESULT

The client was able to acquire Ashley Terrace at a per-unit basis nearly unchanged from 2019 values—despite strong market appreciation—by moving quickly and leveraging our data-driven marketing package. The property’s vintage, in-place loss-to-lease, and amenity package aligned with the buyer’s long-term hold strategy. With a renovation plan in hand, the buyer was poised to unlock meaningful value while riding the region’s population and employment growth tailwinds.

Ashley Terrace - Vancouver, WA

Selling Price: $23,850,000

Year Built: 1993

Total Units: 118

Square Footage: 106,614