LA GRANDE, ORE. — Marcus & Millichap has brokered the purchase of La Grande Strip Center, a retail asset in La Grande. A private investor acquired the property from an undisclosed seller for $1.6 million. Located at 11621 Island Ave., the 7,448-square-foot La Grande Strip Center was 67 percent occupied at the time of sale. Eric Garske of Marcus & Millichap’s Portland office represented the buyer in the deal.
SALEM, ORE. — Hampstead Development Partners has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable housing community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credits (LIHTC). KeyBank also arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at or below 60 percent of the area median income. Hampstead plans to conduct a $4 million rehabilitation of the 10-building property. Renovations include updating kitchens and bathrooms, full ADA accessibility upgrades to select units, exterior updates such as new windows and repainting, upgrades to the buildings electrical system and a new fitness center.
PORTLAND, ORE. — Waterton has acquired The Parker, a 177-unit apartment community in Portland. The Parker rises six stories in the Pearl District, one mile north of downtown Portland. The community offers one- and two-bedroom apartments, as well as amenities such as an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a kitchen and business center. Waterton plans to renovate units with new backsplashes, flooring, lighting, plumbing fixtures, cabinets, shades and mirrors.
MADRAS, ORE. — Marcus & Millichap has arranged the sale of Mountain View RV & Mini Storage in Madras. The original developers sold the 49,675-square-foot self-storage facility to an out-of-state buyer for $6 million. It features 358 self-storage units. The asset was constructed in two phases in 2020 and 2022 at 2086 NW Andrews Drive. The successful sale highlights the ongoing demand and investment opportunities in the self-storage sector, according to Marcus & Millichap. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Seattle office exclusively listed and marketed the property on behalf of the sellers.
PORTLAND, ORE. — BPM Real Estate Group, a locally based and privately owned development and investment company, plans to open the Block 216 mixed-use tower in downtown Portland in August. Located at 900 SW Washington St., the tower will house The Ritz-Carlton, Portland hotel, the brand’s first in the Pacific Northwest. In addition to the 251-room hotel, the high-rise will include The Ritz-Carlton Residences (132 condos and penthouses across 15 floors), shops and 134,000 square feet of office space, as well as a food hall on the ground level known as FLOCK. Development costs for Block 216 are reportedly $600 million. “As one of the tallest towers in Portland, this development is a monumental signifier of the renewal and transformation in store for this city,” says Walter Bowen, founder and CEO of BPM. “We are pleased to contribute to Portland’s continued recovery and resurgence as one of the country’s leading business centers and gateway to the Pacific Northwest travel destination locations.” The Ritz-Carlton hotel’s amenities will include a spa, signature restaurant on the 20th floor, infinity-edge pool and a 4,000-square-foot fitness center, according to the hotel website. FLOCK, which will house nine BIPOC-owned (black, indigenous and people of color) vendors, is …
PORTLAND, ORE. — Bronko LLC has acquired three industrial buildings and a parking lot located at 615-633 SE Clay St. and 1521 SE 7th Ave. in Portland. Norris & Stevens arranged the investment sale, valued at $2.6 million. Constructed between 1924 and 1925, the property consists of three commercial buildings, each spanning about 5,000 square feet. It also includes a parking lot measuring 10,000 square feet across the street from the buildings. The previous tenants included an auto transmission service, printing services and an upholstery supplier. Greg Nesting and Gabe Schnitzer of Norris & Stevens represented both the buyer and the seller, Robert R. Dickey et al., in this transaction.
PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.
PORTLAND, ORE. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing. Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership whose principal, Kelvin Ng, represented the borrower in this transaction.
TIGARD, ORE. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland. The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI. Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square feet in a three-story building offering assisted living and memory care services. Ryan is the builder and developer of the project. Upon project completion, Cogir will lead day-to-day operations. Harrison Street is the capital partner of the project. CBTWO Architects is the architect of record. This is the first Cogir location in Oregon and 35th in the western United States, with eight additional communities in development.
LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE National Senior Housing has arranged a $58 million refinancing for The Springs at Carman Oaks and The Springs at Wilsonville on behalf of The Springs Living (TSL). Nestled in the northwestern corner of Clackamas County, The Springs at Carman Oaks is situated in the affluent suburb of Lake Owego, while The Springs at Wilsonville is located in Wilsonville, approximately 17 miles south of downtown Portland. The communities combined offer 294 independent living, assisted living and memory care units. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the financing. The three-year loan features two years of interest-only payments. A syndication of two regional banks provided the capital. This financing represents the second time that CBRE has refinanced the portfolio over the past three years. TSL is headquartered in McMinnville and owns and operates 19 senior living communities across Oregon and Montana, with one additional community under construction.