Oregon

Pacific Urban Investors Acquires Two Multifamily Properties in Oregon, Washington

by Amy Works June 20, 2025

TIGARD, ORE., AND BELLEVUE, WASH. — Palo Alto, Calif.-based Pacific Urban Investors has purchased two apartment communities in Oregon and Washington. Terms of the transactions were not released. The company acquired Meadow Creek, a 304-unit multifamily in Tigard, that has been renamed Ansley Murrayhill. Built in 1985, the two-story, garden-style property features 608 parking spaces, a clubhouse, fitness center, game room, swimming pool, spa, racquetball court and a dog park. Pacific Urban Investors also purchased Edgewood Park, a 195-unit property in Bellevue, that has been renamed Alder Bellevue. The low-density, garden-style community offers 372 parking spaces, two swimming pools, a fitness center and ample green space.

June 20, 2025

Acquisitions Multifamily Oregon Western

Structure Redevelopment Sells Clay Street Apartments in Portland for $3.1M

by Amy Works June 19, 2025

PORTLAND, ORE. — Structure Redevelopment LLC has completed the disposition of Clay Street Apartments, a 7,357-square-foot multifamily property in Portland, to an undisclosed buyer for $3.1 million. Constructed in 2023, Clay Street Apartments features one studio unit, 12 one-bedroom/one-bath units and two two-bedroom/two-bath units with modern fixtures and appliances, luxury vinyl plank flooring, in-unit washers/dryers and air conditioning vent ports. The community is located at 3757 SE Clay St. Jake Holman of Portland-based Norris & Stevens represented the seller, while the buyers were self-represented in the transaction.

June 19, 2025

Acquisitions Loans Multifamily Oregon Seniors Housing Western

BMO Healthcare Provides $41M Acquisition Loan for Seniors Housing Community Near Portland

by Amy Works June 5, 2025

SHERWOOD, ORE. — BMO Healthcare’s Real Estate Finance group has provided a $41 million loan for the acquisition of The Ackerly at Sherwood, a senior living community located in Sherwood, roughly 15 miles southwest of Portland. A joint venture between an institutional investor and Merrill Gardens is the borrower. Merrill Gardens will manage and operate the property. The Ackerly at Sherwood totals 130 units with independent living, assisted living and memory care residences. Based in Seattle, Merrill Gardens manages more than 60 seniors housing communities across 20 states.

June 5, 2025

Acquisitions Multifamily Oregon Western

Next Wave Investors Sells 74-Unit River Lofts in Oregon to FPA Multifamily

by Amy Works May 30, 2025

TUALATIN, ORE. — Next Wave Investors has completed the disposition of River Lofts, an apartment property in Tualatin, to FPA Multifamily for $15.8 million, or $214,189 per unit. Located on the banks of the Tualatin River, 12 miles from Portland, River Lofts offers 74 apartments. Built in 1974, the asset has undergone interior and exterior upgrades. Anthony Palladino, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Ryan Harmon of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Georgie Christensen-Riley of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon.

May 30, 2025

Affordable Housing Development Multifamily Oregon Western

Annex Group Opens 174-Unit Affordable Housing Community in Corvallis, Oregon

by Amy Works May 23, 2025

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing property in Corvallis. Construction on the $56 million community began in early 2023, with the property — managed by Avenue5 Residential — now 99 percent leased. Union at Pacific Highway features 174 one-, two- and three-bedroom apartments for individuals and households earning up to 60 percent of the area median income. Situated on more than 7 acres, the property offers a community center, fitness center, playground, community gardens, a dog park, dog wash, business center, activity rooms and a picnic area. Partners on the project include Oregon Housing and Community Services, the City of Corvallis, Linn-Benton Housing Authority, Structure Development Advisors as the LIHTC consultant, KTGY as architect and DEVCO Engineering as civil engineer. Additionally, Piper Sandler placed the tax-exempt bonds and NDC provided more than $19 million in tax credit equity.

May 23, 2025

Development Industrial Oregon Western

JE Dunn, LRS Architects Break Ground on 347,000 SF Distilled Spirits Distribution Center for OLCC in Canby, Oregon

by Amy Works May 16, 2025

CANBY, ORE. — JE Dunn Construction, with LRS Architects, has broken ground for the construction of a 347,000-square-foot distilled spirits distribution center for Oregon Liquor Cannabis Commission (OLCC) in Canby. The new facility will replace OLCC’s current warehouse in Milwaukie, Ore., which has been in operation for 70 years and no longer has the capacity to keep pace with the state’s distilled spirits market. OLCC oversees the entire distribution and sale of all distilled spirits in the state, apart from wine and beer. The warehouse facility features attached office spaces, a staff lounge, maintenance shop space and an advanced material handling system, as well as a large break room with an outdoor space designed for staff relaxation and rejuvenation. The new warehouse is designed to expand OLCC’s current capacity, streamline operations and improve efficiency for businesses and consumers across the state. The project team includes VLMK Engineering + Design, Interface Engineering, Otten + Associates Landscape Architecture and Cumming Group. The distilled spirits distribution center is projected for completion in June 2026 and to be fully operational by August 2026.

May 16, 2025

Acquisitions Multifamily Oregon Seniors Housing Western

Merrill Gardens Adds Three Seniors Housing Communities in Metro Portland

by Amy Works May 15, 2025

PORTLAND, ORE. — Merrill Gardens, a senior living owner and operator, has added three communities to its Oregon portfolio. Located in metro Portland, the properties include Merrill Gardens at Cedar Mill, Merrill Gardens at Sherwood and Merrill Gardens at Hillsboro. Merrill Gardens acquired the communities as part of a joint venture with PGIM. An ownership group led by Rembold sold the Cedar Mill and Sherwood properties. Built in 2016, Merrill Gardens at Cedar Mill in Portland totals 163,975 square feet with 147 independent living, assisted living and memory care units. Merrill Gardens at Sherwood, which is located in Sherwood, was built in 2019. The 147,657-square-foot community features 137 apartments with independent living, assisted living and memory care options. Pilar Properties, a sister company of Merrill Gardens that is part of the joint venture with PGIM, developed Merrill Gardens at Hillsboro in Hillsboro. Opened in 2024, the property encompasses 171,732 square feet with 141 independent living and assisted living units. Merrill Gardens will manage and operate each of the communities. The company’s portfolio now comprises 61 seniors housing properties across 16 states.

May 15, 2025

Healthcare Loans Multifamily Oregon Seniors Housing Washington Western

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works May 2, 2025

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

May 2, 2025

Acquisitions Office Oregon Retail Western

AEW Capital Management Disposes of Machine Works Mixed-Use Property in Portland

by Amy Works April 24, 2025

PORTLAND, ORE. — AEW Capital Management has completed the disposition of Machine Works, a Class A mixed-use asset in Portland. Melvin Mark Investors and Orion Investment Partners acquired the property for an undisclosed price. Located at 1414 NW Northrup St. in Portland’s Pearl District, the nine-story property offers 115,138 square feet of retail and office space, as well as three levels of parking. Built in 2009, the property is fully leased to a variety of tenants in the engineering, medical, government services and fitness industries, with LA Fitness occupying space on the ground floor. Buzz Ellis, Mark Katz, Zach Kersten and David Williams of JLL Capital Markets Investment Sales and Advisory team represented the seller and procured the buyer in the deal.

April 24, 2025

Acquisitions Oregon Retail Western

Marcus & Millichap Negotiates $2.1M Sale of O’Reilly Auto Parts-Occupied Property in Portland

by Amy Works April 23, 2025

PORTLAND, ORE. — Marcus & Millichap has arranged the acquisition of a retail property in Portland. A trust out of Northern California acquired the asset from an undisclosed seller for $2.1 million. O’Reilly Auto Parts occupies the 7,000-square-foot property on a net-leased basis. The retailer recently extended its triple-net lease for 10 years with additional renewal options. Chris Doty of Marcus & Millichap’s Phoenix office procured the buyer. David Tabata of Marcus & Millichap served as the Oregon broker of record.

April 23, 2025

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