Greenwood Acres is a 2-story garden-style apartment community built in 1988 on approximately 5.38 acres. Consisting of 136 units, the property offers a mix of one-bedroom and two-bedroom units averaging 850 square feet. Situated in the highly sought-after Vancouver submarket, Greenwood Acres benefits from its proximity to employment centers, major freeways, and retail centers. The proximity to Salmon Creek provides convenient access to an abundance of retailers, Washington State University’s Vancouver campus, and Legacy Salmon Creek Medical Center. Located less than a mile from Interstate 5, the property offers convenient access to Downtown Vancouver and Portland.
Greenwood Acres is in a submarket with strong market fundamentals as it has seen 7.3% average annual rent growth since 2015 and is one of the fastest-growing cities in the state of Washington. Vancouver’s apartment submarket has averaged 96.6% occupancy since 2015 and is forecasted to see annual rent growth of 5.1% through 2026.
The property amenities include a fitness center and recreation room while unit interiors have washer/dryer hookups and balconies. To date, there have been limited upgrades to the unit interiors. In 2020, ownership replaced the siding on the building, installed new roofs in 2015, and recently repainted and replaced the balconies. Greenwood Acres offers a great opportunity to realize significant upside by implementing a renovation program to the unit interiors and making common area amenity upgrades.