MJW Investments, in a partnership with Michael and Gregg Buchbinder, has acquired 134th Street Lofts, a 124-unit community in Vancouver, Wash., for $38.8 million, according to public records. Kidder Mathews arranged the sale on behalf of the seller, iCap Equity, and sourced the off-market buyer. First Republic Bank financed the acquisition with a $21.5 million loan.
The recently completed property’s history dates back to 2013 when Dean Kirkland and local developer Tom Files unveiled plans for a $22 million apartment complex, The Columbian reported. In 2015, the developers, under an entity called 134th Street Lofts LLC, partnered with iCap Northwest Opportunity Fund to construct the community.
However, the partnership went to court in 2017, with iCap claiming that its partner failed to fulfill its contractual obligations. As a result of the conflict, the project got delayed several years and received at least three permit extensions from Clark County, another article from The Columbian revealed. During the legal dispute, iCap assumed control over the project, secured financing, and resumed construction.
Close-Up on 134th Street Lofts
Located in the Salmon Creek area at 13414 NE 23rd Ave., the property is near the Legacy Salmon Creek Medical Center and Washington State University Vancouver. The community is close to interstates 5 and 205, which provide easy access to downtown Vancouver and Portland.
The property encompasses one- and two-bedroom units, ranging from 775 square feet to 1,113 square feet, according to RentCafe. There are currently nine vacant units, with one-bedroom apartments available from $1,689 and two-bedroom apartments from $1,773, according to the listings site. Property amenities include a coffee bar, work and study rooms, a fitness center, and outdoor gathering spaces.