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AVerage SF
853
BUilt
1987
Units
180
Berkadia Seattle Investment Sales is pleased to announce it has been retained as the exclusive listing broker for Oak Creek in Vancouver, WA.
Oak Creek presents a compelling investment opportunity in one of Washington's fastest-growing markets, offering immediate scale with 180 homes. Ideally located at the intersection of WA-500 and I-205, Oak Creek provides residents with convenient access to Portland and downtown Vancouver, benefiting from strong local demand drivers and an average household income of over $107,000.
The property is being offered for sale with attractive assumable HUD financing at 2.18% with a current balance of $23.45M and maturity date in November of 2055. Amid current debt instability, Oak Creek presents stable cashflow for investors eager to plant their flag or grow their footprint throughout the Pacific Northwest.
Current ownership has completed a variety of unit renovations throughout their hold period, allowing a new investor to build off their current blueprint and capture further rent premiums through an updated interior renovation program.
Address
City, State, Zip
County
Parcel Numbers
Units
Construction Year
buildings
Stories
Site Size/Acreage
Rentable SF
Average Unit SF
Average Rent/Unit
Average Rent/SF
11412 NE 49th St
Vancouver, WA 98682
Clark
162684000
162702017
180
1987
13
One & Two
7.63 Acres
153,600 SF
853 SF
$1,580
$1.85
Opportunity
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Oak Creek features 180 one- and two-bedroom homes, with an average size of 853 square feet. It offers a wide range of amenities, including a clubhouse, pool, playground, and fitness center. Residents appreciate open floor plans, attractive landscaping, and a vibrant community atmosphere, enhanced by its proximity to schools, transit, and the Vancouver Mall. Additionally, it is conveniently located just 10 minutes from downtown Vancouver and 20 minutes from downtown Portland.
Asset
One Bedroom
Two Bedroom
64 Units
116 Units
660 SF
960 SF
OAK CREEK
Contact us.
Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Bellevue Office
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities,
visit: https://www.berkadia.com/licensing/.
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
MIchael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Email
MORTGAGE BANKING
Oak Creek features 37 classic homes, 141 partially renovated homes, and 2 brand new fully renovated homes.
There are a variety of interior upgrades, most of which include either white or espresso cabinets, resurfaced countertops, stainless steel appliances, 6 panel doors, updated flooring, lights and fixtures. Our recommendation is to continue with the LVP flooring, white cabinets and resurfaced countertops. Additional upgrades could include undermount sinks and backsplash.
Upon completion, we have underwritten NOI growth of $400k+ while achieving rent premiums pushing $200.
Value-Add Opportunity
Renovated Premiums
In-Place Rents to
Berkadia Reno Pro Forma
$150-200
Potential NOI Growth
Mar. 2025 T-12 to
Berkadia Reno Pro Forma
$420k
Partially Renovated Home
11412 NE 49th St | Vancouver, WA 98682
Exclusive Multifamily Opportunity
Robert Doxsee
Managing Director
786.646.2580
robert.doxsee@berkadia.com
Email
Document Center
Opportunity
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities,
visit: https://www.berkadia.com/licensing/.
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Contact us.
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Bellevue Office
NIcholas Diamond
Principal, Capacity Commercial Group
OR CRE #200403266, WA CRE#25640
503.887.8344
ndiamond@capacitycommercial.com
Email
In Collaboration with
Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
MIchael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Email
Robert Doxsee
Managing Director
786.646.2580
robert.doxsee@berkadia.com
Email
MORTGAGE BANKING
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© 2022 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004