$35.45 Million Sale of Carriage House Apartments Signals Continued Investor Confidence in Vancouver Multifamily
Green Light Housing acquires 160-unit complex near Vancouver Mall — a property the Vancouver Housing Authority had eyed for affordable housing preservation
A well-known apartment community in one of Vancouver’s densest residential corridors has changed hands in a $35.45 million deal brokered by CBRE, underscoring continued investor appetite for well-located multifamily assets in Southwest Washington.
CBRE arranged the sale of Carriage House Apartments, a 160-unit garden-style community at 4714 NE 72nd Ave in Vancouver, with CBRE’s Joe Nydahl and Josh McDonald representing both the buyer, Green Light Housing, and the seller, Jackson Square Properties. CBRE’s Debt & Structured Finance team — Nick Santangelo, Micah Springston, and Matt Thorp — sourced financing through Fannie Mae’s Multifamily Affordable Housing Program at a 75% LTV. Advisor Perspectives
The property sits in a densely populated pocket of east Vancouver, within walking distance of Vancouver Mall and close to State Route 500 and I-205, providing easy access to downtown Vancouver, Clark College, and the Portland metro. Built in 1993, Carriage House offers a mix of one-, two-, and three-bedroom units with amenities including a swimming pool, fitness center, clubhouse, and gated entry. Nwconstructionnews Advisor Perspectives
The buyer, Green Light Housing, has been one of the more active affordable housing operators in the Oregon market. “We have now added a workforce housing acquisition and development platform and are thrilled to expand this work into Washington State with Carriage House Apartments,” said Mark Desbrow, Green Light Housing’s founder and managing partner. Advisor Perspectives
Vancouver Housing Authority Had Its Eye on the Property
The sale closes a chapter that had drawn attention from a different direction earlier this year. In March, the Vancouver Housing Authority publicly disclosed that it had been pursuing Carriage House as part of a broader strategy to preserve naturally occurring affordable housing in Clark County before private investors could acquire it and raise rents.
VHA CEO Andy Silver cited the property as a model for a hybrid ownership approach: the housing authority would own buildings like Carriage House and lease them to private operators, ensuring units remained available to households earning below 80% of area median income — roughly $69,500 for an individual — rather than being opened to the general rental market. National Mortgage News
“Older apartment buildings that need some work done are incredibly attractive targets for investors to buy, make some repairs and try to capture the value by raising rents,” Silver said at the time. “This model is interesting to us because it combines the efficiency of the private market with our mission of keeping rents the same versus turning it into profit.” National Mortgage News
Silver acknowledged the acquisition might not come together, citing the structural challenges public agencies face competing against private buyers. Private investors can move faster and have more readily available funding than the housing authority, which is slowed by rules, paperwork, and financial obstacles. In the end, Green Light Housing — with private market speed and Fannie Mae financing already in hand — closed the deal. National Mortgage News
The outcome is not without nuance. Green Light Housing’s stated mission centers on affordable and workforce housing, and the Fannie Mae Multifamily Affordable Housing Program financing suggests rent restrictions will be part of the property’s future. Whether those restrictions align with what VHA had envisioned for the property remains to be seen.
A report from the National Low Income Housing Coalition found just 19 affordable homes available in the Vancouver area for every 100 extremely low-income households — down from 23 per 100 in 2023 — while 2026 housing data showed Clark County affordability has eroded to the point where buyers in some neighborhoods are paying as much or more than comparable Portland properties. National Mortgage News
“Carriage House represents exactly the kind of opportunity that continues to attract strong investor interest in the Vancouver submarket,” said CBRE’s Josh McDonald. “The sale reflects continued investor demand for well-located multifamily assets in Southwest Washington, supported by strong fundamentals, limited new supply, and ongoing population growth.” Advisor Perspectives
