Fourth Avenue Capital Expands Portfolio with Strategic Acquisition
Fourth Avenue Capital (FAC) has made a significant addition to its portfolio by acquiring Village on Broadway, a community featuring 148 units of Class B workforce housing. This property is a vital part of FAC's growing portfolio, which now includes 26 distinct properties, with three additional holdings in the Spokane–Coeur d'Alene metropolitan area.
About Village on Broadway
Constructed in 1996, Village on Broadway spans an impressive 7.3 acres and comprises 148 apartment units arranged within 13 buildings. The community presents a versatile selection of one-, two-, and three-bedroom apartment layouts, with an average size of 926 square feet per unit. Residents enjoy an array of parking options, including a total of 270 spaces that feature one carport designated for each apartment, along with available garage and surface parking.
Amenities and Features
Each unit is equipped with modern conveniences such as full-size washers and dryers, air conditioning, and built-in desks—an appealing feature, especially for individuals who work from home. The property fosters a well-designed living environment to accommodate various lifestyle needs.
Location Benefits
Located strategically between two urban centers, Village on Broadway offers easy access to I-90, ensuring that residents are never far from essential employment locations, shopping areas, and recreational opportunities. This advantageous positioning enhances the overall appeal of the community, making it a desirable place to live.
Future Developments
FAC has indicated plans for various capital improvements intended to enrich the Village on Broadway experience. These improvements will include enhancing the entrance aesthetics, upgrading current amenities, and refurbishing the exterior, aiming to boost both the value and attractiveness of the property.
Insights from Leadership
“Village on Broadway is a well-located asset in a growth market with differentiated floorplans,” expressed Davis Vaughn, Managing Partner at Fourth Avenue Capital. “As a local company, we are enthusiastic about this opportunity to invest within our community and uphold our dedication to quality housing in our home market.”
About Fourth Avenue Capital
Fourth Avenue Capital is a reputable real estate investment, development, and operational entity based in Seattle and Spokane. The company focuses on middle-market multifamily properties in the Pacific Northwest and boasts an impressive track record, having acquired over 1,400 units to date. Its development pipeline consists of more than 500 units, with associated costs exceeding $150 million. Currently, FAC manages assets valued at more than $400 million.
Fourth Avenue Capital is committed to expanding its portfolio through strategic acquisitions, utilizing strong relationships within the industry to pinpoint promising investment opportunities. With a focus on aligning investor interests and practicing sustainability, the company is dedicated to generating long-term value while positively influencing the communities it serves.
Frequently Asked Questions
What is Village on Broadway?
Village on Broadway is a 148-unit workforce housing community acquired by Fourth Avenue Capital, featuring a variety of apartment layouts.
What improvements are planned for Village on Broadway?
FAC plans to enhance the property with capital improvements, including upgrading amenities and refurbishing the building's exterior.
Where is Fourth Avenue Capital located?
Fourth Avenue Capital operates out of Seattle and Spokane, focusing on multifamily real estate assets in the Pacific Northwest.
How many properties does Fourth Avenue Capital manage?
Fourth Avenue Capital currently manages 26 properties within its real estate portfolio.
What types of housing does FAC specialize in?
FAC specializes in middle-market multifamily housing, providing a range of options for residents in desirable locations.
