5264 NE 121st Ave
Vancouver, WA 98682
Fully Approved 60-Units Apartment Site · Land For Sale · 8.99 AC

DEVELOPMENT OVERVIEW The proposed 60 unit apartments community will have a mix of (9) 1bedroom/1 bath units, (3) 2 bedroom/1 bath units and (48) 2 bedroom/2 bath units. The average unit size will be approximately 985 square feet. The site consists of two parcels of land totaling 8.99 acres and is located in the back of the One Lake Place Condominium Community which consists of 254 units. One Lake Place was built over a ten-year period with the final phase completed in 2008. The original plans for OLP included building an additional 60 units on the two parcels of land. Those plans were put on hold in 2007 at the start of the Great Recession. The site plan approvals remain in place for the building of the additional 60 units. The site plan is grandfathered by the City of Vancouver and doesn’t expire. The site shares reciprocal access easements with OLP. The easements are currently in place and run with the land. The site currently has power, gas, water and sewer. The working name of the project is Reflections @ One Lake Place. It would be a standalone community and can be built as apartments or a separate condominium association. The City of Vancouver has approved both the civil and building plans. All plans are included with the sale. There is a Construction Stormwater Permit already in place. The building plan approvals expire in August of this year. The City will extend them one additional time. Permits will need to be pulled prior to their expiration to avoid going through the building and civil plan approval process once again. Copies of building plans and other construction documents can be accessed through the Deal Room at the link below: http://dealroom.reiwise.com/login.aspx?drid=5359 Leasing is projected to start the beginning of 2023 with stabilization occurring January of 2024. REQUIRED TERMS OF SALE 1. Purchaser to participate in a 1031 tax deferred exchange. 2. The development Site is to be sold in conjunction with 60 units located in the One Lake Place Condominium community adjoining the site. Please see the One Lake Place - Multifamily Marketing Package for details. It can be accessed via the following web link: https://dealroom.realnex.com/ca.aspx?data=iWhQOOb7rE%2btIrJQ7L8EOg%3d%3d LISTING AGENT DISCLOSURE Listing agent, Todd Locker, is a member of Herontide II, LLC, the seller, & related to the managing partner, Jack Locker.