REBusinessOnline

Avison Young Brokers $6M Sale of Single-Tenant Retail Property in West Linn, Oregon

WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver.Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease.Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, …

Pathfinders Partners Buys FortyOne 11 Apartments in Portland for $27.4M

PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the acquisition of FortyOne 11 Apartments, a multifamily property in northeast Portland. An undisclosed seller sold the property for $27.4 million.FortyOne 11 features 112 apartments and was 76 percent occupied at the time of sale.The investment was made from Pathfinder Partners Opportunity Fund VIII, which was raised in 2020 to make opportunistic multifamily investments. Pathfinder Fund VIII also invests in Seattle, …

Norris & Stevens Negotiates $9.5M Sale of Riverbend Apartments in Salem, Oregon

SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million.Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet …

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland.Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation …

Norris & Stevens Brokers $1.5M Sale of Office/Warehouse Building in Portland

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an office/warehouse property located at 1623 SE Sixth Ave. in Portland. Thomas Dwight Short Revocable Trust sold the building to 1623 SE Pants LLC for $1.5 million.Constructed in 1932 with additions in 1945 and 1966, the 11,318-square-foot building offers 2,370 square feet of office space and 8,948 square feet of warehousing space.Todd VanDomelen of Portland-based Norris & Stevens represented the seller, while Eli …

Norris & Stevens Brokers $8.2M Sale of Barclay Square Apartments in Woodburn, Oregon

WOODBURN, ORE. — Norris & Stevens has arranged the sale of Barclay Square Apartments, a multifamily property located at 2377 W. Hayes St. in Woodburn. West Coast Real Estate Holdings acquired the asset for $8.2 million.Constructed in 1975, the 53,000-square-foot property features 70 units in a mix of 30 one-bedroom/one-bath and 40 two-bedroom/one-bath layouts spread across nine buildings. The buyer plans to continue upgrading the property, and the acquisition financing obtained included …

Live Oak Provides $28.5M Construction Financing for Seniors Housing Expansion in Salem, Oregon

SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland.The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019.The expansion will total 147,000 square feet on an 8.9-acre

Cushman & Wakefield Arranges $25M Sale of Memory Care Community in Portland

PORTLAND, ORE. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the off-market sale of a 99-unit,114-bed memory care community in a Portland for $25 million.This represents the second sale of the community within a 15-month period for the firm, with the first sale as part of a larger disposition of non-core assets for a public REIT.The seller was a privately owned, California-based national operator. The buyer is a growing regional owner-operator based in …

Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price.Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5.Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital …

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley.Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland.Aron Will, Austin Sacco and …

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