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January 29, 2021

$78M apartment project
slated for Vancouver

By Editor Portland Business Journal

Portland Business Journal

A Chicago real estate firm on Friday said it plans to build a roughly $78.S million multifamily development in Vancouver. The Timber House Apartments will hold 226 units and rise eight stories. Construction is slated to begin this spring, and the project should wrap up early 2023 Developer CEDARst Cos. paired the announcement of the Vancouver plans in a news release that also made note of a $66 million San Diego multifamily development. Together the projects total around $144-5 million.

CEDARst noted that in the next three to five years. it wants to double what it said is a 4,000-unit portfolio.

"We are excited to be on the West Coast;· Will Murphy, CEDARst CEO and managing partner, said in a press release. He added later, "We want our residents to feel like they are living in a hotel while maintaining all the privacy that typical multi-family living affords."

CEDARst said the Timber House Apartments will have "a hospitality-like amenity package·· that includes ··spa-like pools"' and other amenities.

Southwest Washington has been popular of late among buyers and developers. Formerly-Vancouver-but-now-Portland-based Killian Pacific will build an $80 million residential development in southwest Washington, with construction scheduled to start this fall. That project will bring about 242 units to a spot along the Columbia River. In December, the Van Mall North apartments in Vancouver sold for $11.46 million to Seattle investment firm Core Properties West. There are other recent deals in the area.