Investment Overview

Marcus & Millichap is pleased to present Lewis and Clark Plaza, a 46-unit affordable senior housing community with ground-floor retail located in Vancouver, Washington. The property offers investors a compelling opportunity to acquire a stable, income-restricted asset in a growing Pacific Northwest market, underpinned by durable demand fundamentals, a diversified unit mix, and deep affordability positioning. Originally developed under the Low-Income Housing Tax Credit (LIHTC) program, Lewis and Clark Plaza operates under a tiered affordability structure with 30% of units restricted to households at 60% of Area Median Income (AMI), 30% at 40% AMI, and 40% at 30% AMI. This deep affordability profile serves a broad range of income-qualified senior households, while the regulatory agreement, in place through 2044, provides long-term operational clarity and investor confidence. The property comprises 46 residential units across a mix of studio, one-bedroom/one-bathroom, and two-bedroom/one-bathroom floor plans designed for senior living. The community is 100% age-restricted, addressing an underserved and growing population with demonstrated affordable housing needs. A ground-floor retail space occupied by Hook and Needle, a local tenant, enhances community character and provides a supplemental income stream. The asset presents a well-defined path to value creation through LIHTC re-syndication via a new 4% tax credit execution. This structure enables recapitalization of the property to fund capital improvements, replenish reserves, and strengthen long-term operational performance, while preserving affordability without reliance on regulatory expiration. Vancouver, Washington, situated in Clark County within the greater Portland metropolitan area, has experienced consistent population growth and economic expansion over the past decade. The region's employment base spans healthcare, construction, manufacturing, and professional services, supporting a stable and diversified local economy. Demographic trends reflect a rapidly growing senior population, driving sustained demand for age-restricted affordable housing. Housing affordability remains a critical challenge in the Vancouver market, particularly for seniors on fixed incomes. Rising home prices and a constrained affordable supply have intensified demand for income-restricted units, especially those serving households below 60% AMI. These dynamics underscore the strategic importance of preserving and reinvesting in existing affordable senior housing assets. Lewis and Clark Plaza presents investors with a well-located, income-restricted senior housing asset offering stable cash flow, long-term regulatory certainty, and a clear value-creation strategy through LIHTC re-syndication. The property is ideally positioned to meet growing demand while supporting continued affordability for senior residents in an undersupplied and expanding market.