Chartwell Capital Partners Buys 180-Unit Oak Creek in Vancouver, Washington, in Berkadia-Brokered Deal

Vancouver, Wash. — Berkadia announced on Nov. 9, 2026, that it negotiated the sale of Oak Creek, a 180-unit multifamily property in Vancouver, Washington. Chartwell Capital Partners acquired the community, which carries an assumable fixed-rate HUD loan at 2.18%.

Berkadia Seattle represented the seller in the transaction. The firm said the team included Associate Director Peter Dudunakis, Senior Director George Pallis, and Managing Directors Benjamin Johnson and David Sorensen.

Chartwell Capital Partners Acquires Oak Creek

Oak Creek is located at 11412 NE 49th St. in Vancouver, Washington, and was built in 1987. The property comprises 180 one- and two-bedroom apartments totaling 153,600 rentable square feet, with an average unit size of 853 square feet. The community sits on 7.63 acres and includes 13 one- and two-story buildings.

Berkadia said the property had a renovation program already in place. Chartwell Capital Partners plans to assume the existing HUD loan and direct capital toward upgrades.

"Oak Creek is the nexus of the qualities we look for in an investment with attractive long-term financing, strong cash flow, and opportunities to improve the property," said Cortney Nelson, Managing Partner at Chartwell Capital Partners. "Assuming the 2.18% fixed-rate HUD loan allows us to invest in upgrades that enhance the resident experience while building long-term value for our investors."

Dudunakis said the acquisition is Chartwell Capital Partners' first in Washington State.

Assumable HUD Financing at 2.18%

The loan assumed by the buyer carries a 2.18% fixed rate, an outstanding balance of approximately $23.45 million and a maturity date in November 2055. The balance equates to roughly $130,300 per unit.

"In addition to the location and scale, the assumable HUD financing at a 2.18% rate provided a distinct advantage in today's uncertain debt environment," Dudunakis said. He added that the property "generated significant interest from a variety of investors ranging from local family offices to the most active institutions."

Dudunakis said the combination of an existing renovation program and the growth of the Vancouver market gave the buyer an opportunity to "plant their flag in the Pacific Northwest."

Location and Operating Profile

Oak Creek is near the intersection of Washington Route 500 and Interstate 205, with access to downtown Vancouver, Portland and the Vancouver Mall area. Berkadia characterized the location as one of Vancouver's faster-growing submarkets and reported average household income in the surrounding area above $107,000.

Average asking rent at the property is $1,580 per unit, or $1.85 per square foot. Multiplying that figure across 180 units implies scheduled gross apartment revenue of roughly $3.41 million annually before vacancy, concessions, other income and operating expenses. That figure is an illustrative calculation, not reported property performance.

Two-bedroom units of about 960 square feet have been listed at approximately $1,549 to $1,625, though pricing and availability change.

Market Context

The transaction shows the weight that assumable, below-market debt can carry for investors in an uncertain financing environment. A fixed 2.18% HUD loan can reduce interest expense compared with newly originated multifamily debt and allows the buyer to allocate more capital to property improvements.

Vancouver offers access to the Portland employment base and benefits from Washington's lack of a state individual income tax. For investors, Oak Creek provides scale on the Washington side of the metro area outside downtown Portland.

Sources

• Berkadia: Oak Creek, Vancouver, WA | Sold by Berkadia 2026