We’ve invested $1.75 million in Tapteal on the Columbia, a stabilized 98-unit apartment complex on a 3.89-acre lot in Richland, Washington. The property is located on the banks of the Columbia River within walking distance of several local restaurants, bars, and parks. Apartment units feature in-unit fireplaces and views of the river. Common amenities include an indoor hot tub and sauna, fitness center, and clubhouse.
This is our fifth investment to date with Evergreen Housing, a real estate development company focused on rental communities in the Pacific Northwest. Evergreen’s current portfolio, pipeline, and track record is comprised of 2,700 units valued in excess of $400 million across Washington and Oregon.
Richland is located in the southeast portion of Washington, approximately three hours from both Portland and Seattle. Traditionally a farming community, the area has adding over 18,000 jobs in non-farming sectors over the past ten years, exhibiting over 17% job growth per the Bureau of Labor Statistics.
