TUALATIN, ORE. — Kidder Mathews has arranged the sale of Fox Meadows Apartments, a garden-style multifamily property in Tualatin. Trion Properties sold the asset to a California-based national multifamily investor for $19.3 million. Tyler Linn, Jordan Carter and Clay Newton of Kidder Mathews represented the seller in the deal. Located at 19545 and 19605 SW Boones Ferry Road, Fox Meadows features 95 apartments in a mix of one-, two- and three-bedroom units.
PORTLAND, ORE. — Urban Development Group has received two separate loans, totaling $40 million, for two apartment communities in Portland. Dwight Capital provided a $24.9 million HUD 223(f) loan for The Kathryn Ann and a $15.2 million HUD 223(f) loan for The Sellina. The 146-unit The Kathryn Ann and the 90-unit The Sellina both feature dog wash stations, indoor bicycle storage and community courtyard. Both loans benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the properties achieved Energy Star certifications. The Kathryn Ann also has an affordability component, as 15 percent of its units are restricted to 80 percent or less of the median family income. These loans are the seventh and eighth HUD loans that Dwight Capital has closed for the borrower. McBride Capital brokered the transactions.
BEND, ORE. — Marcus & Millichap has arranged the sale of Summit Self Storage, a self-storage facility at 720 SE 9th St. in Bend. An individual/personal trust sold the asset to a limited liability company for $4.2 million. Built in 1977, Summit Self Storage features 146 units and was 98 percent occupied at the time of sale. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.
PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.
EUGENE, ORE. — Norris & Stevens has arranged the purchase of River Road Plaza, an office and retail property located at 155 Silver Lane in Eugene. KH Properties acquired the asset from River Road Plaza LLC for $5.1 million. Situated in Eugene’s Santa Clara neighborhood, River Road Plaza features 32,548 square feet of space. At the time of sale, the property was 92 percent occupied. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while CPX LLC represented the seller in the deal.
EUGENE, ORE. — PTLA Real Estate has acquired a four-property student housing portfolio near the University of Oregon campus in Eugene. The communities — named The Anthony, The Pearl, Westgate and The Sonja — offer a total of 186 units and 383 beds. The properties were 95 percent leased ahead of the current academic year. The portfolio recently underwent roughly $2 million in renovations, including updates to shared amenity spaces. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE’s national student housing team and Josh McDonald with CBRE’s Northwest multifamily investment sales team arranged the transaction on behalf of the undisclosed seller.
ALBANY, ORE. — Portland-based Norris & Stevens has arranged the purchase of the Heritage Mall outparcel located at 1811 14th Ave. SE in Albany. Perseverance LLC acquired the asset for $6 million. Constructed in 1989, the 20,074-square-foot retail building sits along Southeast Geary Street and features 118 parking spaces. Todd VanDomelen of Norris & Stevens represented the buyer, while Kevin Adalto and Lance Suster of CPX represented the seller in transaction.
PORTLAND, ORE. — Fairfield Columbia Ridge LLC, an affiliate of San Diego-based Fairfield Residential, has completed the disposition of Columbia Ridge Apartments, a multifamily community in Northeast Portland. An undisclosed buyer acquired the asset for $36.2 million. Located at 15910 NE Sandy Blvd., the property comprises 35 two- and three-story buildings on 9.9 acres. Built in 1990, Columbia Ridge offers 144 two- and three-bedroom floor plans averaging 940 square feet. Units offer in-unit washers/dryers, private patios or balconies and walk-in closets. Community amenities include a fitness center, pool, resident clubhouse, three playgrounds and a basketball court. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal.
SHERWOOD AND BEAVERTON, ORE. — SR Watt Co. has acquired a two-property apartment portfolio, including Cannery Row at 22550 SW Highland Drive in Sherwood and Westline at 4545 SW Angel Ave. in Beaverton. Madison Park Financial Group sold the assets for $60 million. Built in 2013, Cannery Row features 101 apartments in a mix of studio, one-, two- and three-bedroom layouts with an average unit size of 840 square feet. Community amenities include a resident lounge, fitness center, community patios and pet grooming station. Constructed in 2017, Westline offers 87 studio, one- and two-bedroom units, with an average size of 737 square feet. Onsite amenities include 2,280 square feet of retail space, pet/bike wash station, fitness center and a rooftop deck with barbecue grills, fire pit and views of Mt. Hood. SR Watt Co. was self-represented, while Ira Virden, Carrie Kahn and Frank Solorzano of the JLL Capital Markets Investment Sales Advisory team represented the seller in the transaction.
BEAVERTON, ORE. — San Francisco-based Gantry has secured $61 million in permanent, long-term financing for the Cedar Hills Crossing, a shopping center in Beaverton. The borrower is C.E. John Co. Blake Hering and Heather Kegler of Gantry arranged the 10-year loan, which one of the firm’s correspondent life company lenders provided. WinCo Foods, New Seasons, Ross Dress for Less, Office Depot and Best Buy are tenants at the 477,000-square-foot shopping center. Cedar Hills Crossing also features a variety of dining, banking, professional service and specialty retailers.
