Oregon

CRG Plans 12-Story Chapter at Eugene Student Housing Property Near University of Oregon

by Amy Works January 26, 2023

EUGENE, ORE. — CRG and its partner Kenter Capital have secured the land and construction financing for Chapter at Eugene, a 12-story, 119-unit student housing community adjacent to the University of Oregon campus in Eugene. Construction is slated to begin later this month, with delivery scheduled for 2024 to coincide with the start of the 2024-25 academic year. Located at 754 E. 13th Ave., the 302-bed Chapter at Eugene will offer a mix of studio, two-, three-, four- and five-bedroom apartments, with preleasing scheduled to begin in early fall 2023. The furnished residences will feature wood-style flooring, kitchens with quartz countertops and stainless steel appliances, living rooms with smart TVs, and in-unit laundry. Community amenities will include a 5,000-square-foot rooftop recreation deck with a dog run, dining areas and fire pits with seating, and a 12th-floor resident lounge with a demonstration kitchen and study rooms, as well as a fitness center, yoga room, study areas, resident storage and bicycle parking on the ground floor. Byline Bank provided construction financing, Seattle-based Jackson Main Architecture served as architect and Springfield, Ore.-based John Hyland Construction is serving as general contractor.

January 26, 2023

7402-7410-SE-Johnson-Creek-Blvd-Portland-OR

Acquisitions Industrial Oregon Western

Norris & Stevens Negotiates $7.6M Sale of Mt. Scott Industrial Park in Portland, Oregon

by Amy Works January 23, 2023

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Mt. Scott Industrial Park, an industrial asset located at 7402-7410 SE Johnson Creek Blvd. in Portland. Frith Investments 3 acquired the asset from Mt. Scott Industrial Park LLC for $7.6 million. Nick Chessar and Scott Finney of Portland-based Norris & Stevens represented the seller, while Tyler Dean of Macadam Forbes represented the buyer in the transaction. Constructed in 1971 and 1976 on 3.6 acres, the 35,000-square-foot industrial park features office space in each suite, 48 parking spaces, eight grade-level doors and eight drive-in doors. Mt. Scott Industrial Park was 100 percent occupied at the time of sale.

January 23, 2023

Acquisitions Multifamily Oregon Washington Western

Pacific Union Investors Acquires 2,195-Unit Multifamily Portfolio in Pacific Northwest

by Amy Works January 20, 2023

PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.

January 20, 2023

Data Centers Development Oregon Top Stories Western

Crane, Principal Asset Management to Develop Data Center Campus Near Portland, Oregon

by John Nelson January 17, 2023

FOREST GROVE, ORE. — Crane Data Centers Inc. and Principal Asset Management plan to develop a data center campus in Forest Grove, a suburb of Portland. The campus will be situated near the Hillsboro data center ecosystem, which houses data centers for users including Meta, Twitter and Microsoft, among others. The estimated development cost for the project was not disclosed. “We’re honored to partner with Principal Real Estate Investors to develop a new data center campus in the Portland market,” says Matt Pfile, CEO of Crane. “This strategic partnership with Crane and data center investment in the Portland area is an exciting project for all parties involved and makes for an excellent addition to our current portfolio of data centers,” says Ben Wobschall, managing director of real estate at Principal Asset Management. The first phase of the project includes a data center spanning approximately 300,000 square feet on a 35-acre site. The facility will have an initial capacity of 50 megawatts (MW) with plans to expand to over 100 MW, according to the developers. The two-story property will have 30-foot clear heights with flooring that can support 400 pounds per square foot, according to Crane. The construction timeline for Phase …

January 17, 2023

Acquisitions Multifamily Oregon Western

El Moro Divests of Midland Apartments in Portland for $12M

by Amy Works January 11, 2023

PORTLAND, ORE. — Norris & Stevens has negotiated the sale of Midland Apartments, formerly known as El Moro Apartments, in Portland. Midland Apartments LLC acquired the asset from El Moro LLC for $12 million. Originally constructed in 1966, Midland Apartments features 94 residences with 27 one-bedroom/one-bath flats, 24 two-bedroom/one-bath units and 43 two-bedroom/1.5-bath townhomes. Community amenities include ample parking, a leasing office, community/playground area, extra storage space, balconies/patios for every unit and washer/dryer hookups in all but the one-bedroom units. David Chatfield and Timothy Mitchell of Portland-based Norris & Stevens represented the seller and buyer in the deal.

January 11, 2023

Acquisitions Multifamily Oregon Western

Kidder Mathews Brokers $19.3M Sale of Fox Meadows Apartments in Tualatin, Oregon

by Amy Works December 16, 2022

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.

December 16, 2022

Affordable Housing Loans Multifamily Oregon Western

Urban Development Group Receives $40M in HUD Financing for Two Multifamily Properties in Portland

by Amy Works December 9, 2022

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.

December 9, 2022

Acquisitions Industrial Oregon Self-Storage Western

Marcus & Millichap Negotiates $4.2M Sale of Summit Self Storage in Bend, Oregon

by Amy Works December 8, 2022

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.

December 8, 2022

Development Multifamily Oregon Western

Greystar Plans 364-Unit Multifamily Project in Portland’s Slabtown Neighborhood

by Amy Works November 21, 2022

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.

November 21, 2022

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $5.1M Acquisition of River Road Plaza Office/Retail Asset in Eugene, Oregon

by Amy Works November 16, 2022

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.

November 16, 2022

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