EJF Capital, Holland Partner Group Purchase Two Multifamily Buildings in Washington State for $62.5M
VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space.
Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces.
The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas.
KeyBank provided financing for the project.