134th Street Lofts

CHALLENGE:

Our team was brought in to sell 134th Street Lofts, a newly built 124 unit property in Vancouver, WA. A traditional marketing and sales process was complicated by rapidly increasing interest rates during construction and lease-up. Timing was crucial, as market conditions were deteriorating, and the client relied upon us to maximize value before further market softening.

WHAT WE DID:

We pivoted from a broad marketing approach to a highly targeted strategy, sourcing multiple off-market offers while the building was still in lease-up. By focusing on the property’s quality as a best-in-class new construction in the desirable Vancouver suburb, we crafted a compelling story that positioned Vancouver as an appealing alternative to nearby Portland, which was experiencing post-COVID reputational challenges. We negotiated a sale based on the projected stabilization value, despite the property not reaching full occupancy until the week of closing.

RESULT:

Our off-market strategy attracted a 1031 exchange buyer, allowing for a quick sale at a record price for the Vancouver market. We closed the transaction as the building reached 95% occupancy, successfully securing “yesterday’s price today” amidst a rapidly cooling market.