California firm buys large apartment development in Vancouver for $37 million

The Rock Creek Commons in Vancouver

Hamilton Zanze (HZ), a San Francisco-based real estate investment company, has acquired the 240-unit Rock Creek Commons in Vancouver from Timberland Framing for $37 million. The transaction was finalized late last month.

Inside an apartment at Rock Creek Commons
Inside an apartment at Rock Creek Commons

Built in two phases from 2014 to 2016, Rock Creek is located at 11800 NE 124th Ave. in Orchards. Apartments range from one to three bedrooms (745 to 1,190 sq. ft.) with upscale finishes such as granite countertops, wood-style flooring and walk-in closets. The development also features a fitness center, playground, basketball court and clubhouse.

HZ plans to execute a capital improvement program that will include the addition of a pool, new signage and landscaping improvements.

“Rock Creek is uniquely located to benefit from the Vancouver waterfront development and the strong market fundamentals in the Portland MSA,” said HZ Managing Director David Nelson in a press release.

Colorado-based Mission Rock Residential will manage the property for HZ, which has acquired 14 multi-family properties in the last 12 months.

The $37 million purchase price works out to roughly $154,000/unit.

This story will be updated