EJF Capital LLC, an alternative asset management firm, and Holland Partner Group, a real estate investment company, have formed a joint venture to buy and operate two adjacent six-story buildings in downtown Vancouver, Washington for $62.5 million.
The properties will consist of 200 multifamily units and approximately 2,200 square feet of retail on 1.1 acres in a qualified opportunity zone.
The acquisition will be rebranded Coen & Columbia. The first building, Coen, is scheduled to be delivered in the fourth quarter of 2020, and is a 118-unit multifamily community with 20 percent of the units set aside for workforce housing, and 2,200 square feet of retail. The second building, Columbia, has 82 multifamily units. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces.
As reported by The DI Wire in July 2020, EJF and Holland partnered to develop “Block 10,” a mixed-use project in downtown Vancouver with 110 multifamily units, approximately 79,000 gross square feet of office space and 10,100 square feet of retail space, one block north of Coen & Columbia. The Block 10 project broke ground in July 2020 and expects to deliver in 2022.
Vancouver is the second largest city in the Portland Metropolitan Statistical Area (MSA) with 183,000 residents. Major office employers include Banfield Pet Hospital, Fisher Investments, HP and Peace Health.
“We love the downtown Vancouver story,” said Asheel Shah, EJF senior managing director and head of real estate development. “The economics of Vancouver are very compelling, as people continue to seek cost-effective, amenity-rich environments inside of high-growth metropolitan areas. Vancouver is exactly that, conveniently located near major employers, and offering an array of amenities from bars and restaurants to parks and entertainment.”
EJF sponsors the EJF OpZone Fund I LP, a qualified opportunity zone fund that, as of November 2, 2020, the fund had approximately $204.4 million. The fund has closed on eight investments, including Coen & Columbia, comprised of five multifamily projects, one industrial logistics park, one mixed use project and one hotel project.
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of September 30, 2020, EJF manages approximately $5.7 billion across a group of alternative asset strategies. Since inception, the firm has focused on regulatory event-driven investment themes including its strategy to invest in opportunity zones.