Oregon

Pebblebrook Hotel Trust Sells Historic Kimpton Hotel Vintage Portland to Pacifica Hotels for $32.9M

by Amy Works September 20, 2022

PORTLAND, ORE. — Pebblebrook Hotel Trust has completed the disposition of Kimpton Hotel Vintage Portland, located at 422 SW Broadway in Portland. Aliso Viejo, Calif.-based Pacifica Hotels acquired the property for $32.9 million. Originally constructed in the late 1800s, the European-inspired hotel underwent a multimillion-dollar makeover in 2015 and 2018 that overhauled the lobby, rooms and amenities. Currently, each hotel floor is dedicated to a different Willamette Valley American Viticultural Area and each room is named after a local winery. The hotel features 117 guest rooms, 8,000 square feet of event space, a street-level restaurant and bar called Il Solito and Bacchus Bar, a private wine cellar and a game lounge. Additionally, the hotel’s lobby doubles as a tasting room. Chris Burdett, Matthew Behrens and Aaron Solaimani of CBRE Hotels in the Pacific Northwest represented the seller in the deal.

September 20, 2022

Acquisitions Multifamily Oregon Western

Next Wave Buys 180-Unit, Value-Add Multifamily Community in Gresham, Oregon for $34M

by Amy Works September 20, 2022

GRESHAM, ORE. — Next Wave Investors has acquired The Nash, a 180-unit apartment property located at 224 SE 188th Ave. in Gresham. An undisclosed seller sold the asset for $34 million. Built in 1975, The Nash features 68 one-bedroom units, 104 two-bedroom and eight three-bedroom units, as well as a pool, children’s pool, spa, on-site laundry facilities, playground, clubhouse and fitness center. Next Wave plans to implement a series of in-unit capital improvements, including new appliances, cabinets, doorframes, drawers, countertops, vinyl flooring, contemporary plumbing and lighting fixtures, air conditioning wall units and window coverings. Additionally, the company plans to upgrade the property exterior with refreshed landscaping; refurbished roofing; parking lot resurfacing; renovation of the fitness center, pool, spa and leasing office; and improved on-site security.

September 20, 2022

Development Multifamily Oregon Western

Wood Partners Breaks Ground on 326-Unit Alta Amberglen Multifamily Community Near Portland

by Amy Works September 19, 2022

HILLSBORO, ORE. — Wood Partners has broken ground on Alta Amberglen, an apartment property on 18 acres at the intersection of NE Eckert Drive and Walker Road in Hillsboro. Slated for completion in 2024, Alta Amberglen will feature 326 one-, two- and three-bedroom apartments, as well as townhome options. Each residence will offer kitchens in two color palettes, stainless steel appliances, quartz countertops, tile backsplash, in-unit washers/dryers and wide-plank flooring throughout. Community amenities will include an on-site pocket park, a 10-acre wooded area and natural stream within the property’s 18-acre site, a fitness center with yoga studio, multiple coworking spaces, a game room with golf simulator, a podcast studio and ample room for socializing with fellow residents. Preleasing for Alta Amberglen is scheduled to begin in late 2023. Wood Residential will manage the property.

September 19, 2022

Healthcare Loans Office Oregon Western

CIT Provides $50.8M Refinancing for Providence Family Wellness Center in Hillsboro, Oregon

by Amy Works September 14, 2022

HILLSBORO, ORE. — CIT, a division of First Citizens Bank, has provided a $50.8 million loan to Seavest Healthcare Properties for the refinancing of Providence Family Wellness Center and Medical Office Building in Hillsboro. CIT’s healthcare finance unit provided the financing. Providence Family Wellness Center is a newly delivered, 118,000-square-foot medical office building and wellness center. Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, leases the building. The property offers clinical space for services, including primary care, pediatrics, behavioral health, sports medicine, women’s health, dermatology, cardiology, urgent care, diagnostics imaging, lab, rehabilitation and sports therapy. Additionally, the building features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.

September 14, 2022

Loans Mixed-Use Multifamily Oregon Restaurant Retail Western

Dwight Capital Provides $17.5M HUD Loan for Everett Street Lofts in Portland

by Amy Works September 9, 2022

PORTLAND, ORE. — Dwight Capital has provided a $17.5 million HUD 223(f) loan for Everett Street Lofts, a mixed-used development in Portland. Josh Sasouness of Dwight Capital originated the transaction, and Lake Oswego-based McBride Capital was the correspondent. Built in 2021, the property features 117 apartments and three ground-floor retail spaces. Community amenities include a dog wash station, keyless security access system, indoor bicycle storage and in-unit washers/dryers. Mikiko Mochi Donuts and Concrete Treehouse Salon occupy the retail space.

September 9, 2022

Acquisitions Multifamily Oregon Western

Trion Properties Purchases Three Multifamily Communities in Oregon for $94.8M

by Amy Works September 8, 2022

BEAVERTON, ORE. — Los Angeles-based Trion Properties has acquired a 302-unit multifamily portfolio in Beaverton for $94.8 million. The portfolio consists of Jasper Place, Jasper Square and Willow Grove. Trion acquired Jasper Place and Jasper Square in association with anchor investor Promus Realty Properties. Trion plans to execute strategic upgrades and utilize its vertically integrated property management platforms to improve operations and address deferred maintenance. Constructed in 1986, Jasper Place features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 19 two-story residential buildings. The community features a pool, fitness center, sports courts and leasing office. Additionally, 58 percent of the units have been upgraded and each unit has an individual garage. The community is located at 18300 NW Walker Road. Located at 15194 SW Walker Road, Jasper Square offers 83 apartments in a mix of one-, two- and three-bedroom floor plans across 15 residential buildings. Existing amenities include a pool, fitness center and leasing office. Additionally, 55 percent of all unit interiors have been upgraded and each unit features a garage. Jasper Square was constructed in 1986. Built in 1988, Willow Grove features 119 apartments in a mix of one-, two- and three-bedroom layouts at …

September 8, 2022

Loans Multifamily Oregon Western

Trion Properties Receives $99.2M Recapitalization for Two Multifamily Communities Near Portland, Oregon

by Amy Works September 7, 2022

TIGARD AND BEAVERTON, ORE. — Trion Properties, in partnership with Tokyu Land US Corp., has recapitalized two apartment properties in Tigard and Beaverton totaling 373 units. The properties include Hudson Tigard Apartments, a 227-unit community in Tigard, and Aster Parc Apartments and Townhomes, a 146-unit property at 18745 SW Farmington Road in Beaverton. Trion implemented upgrades, executed rebranding and improved operations in order to increase value since purchasing the assets in 2018 and 2019. Trion acquired Hudson North Apartments and Hudson South Apartments separately in 2018 for $38.1 million and combined them into Hudson Tigard Apartments. The assets were recapitalized for a total of $59.2 million, with a new loan amount of $39.4 million secured through Freddie Mac and serviced by Walker & Dunlop. Hudson North Apartments is located at 10890 SW Canterbury Lane and Hudson South Apartments is located at 10695 SW Murdock St. Aster Parc Apartments and Townhomes, which Trion purchased in two phases in 2018 and 2019 for a total of $20.4 million, was recapitalized for approximately $40 million. The recapitalization involves a new $24 million loan secured through Pacific Premier Bank and an equity partnership formed between Trion and Tokyu Land US Corp.

September 7, 2022

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.2M Sale of Industrial Complex in Tualatin, Oregon

by Amy Works September 7, 2022

TUALATIN, ORE. — Norris & Stevens has arranged the acquisition of two industrial condominiums located at 18254-18256 SW 100th Court in Tualatin. AEB Properties purchased the properties for $2.2 million. Totaling 9,600 square feet, the two Class B condos are part of a 24,192-square-foot building situated on 1.5 acres. Built in 1986, the single-story building features two dock-high loading doors and six drive-in, grade-level doors. Scott Finney and Nick Chessar of Portland-based Norris & Stevens represented the buyer, while Jordan Truitt of First Commercial Real Estate represented the seller in the deal.

September 7, 2022

Market Reports Multifamily Oregon Western Western Market Reports

Portland’s Multifamily Market Positioned to Weather the Storm

by Jeff Shaw August 19, 2022

By Jordan Carter, Executive Vice President, Kidder Mathews Much like the city itself, Portland multifamily owners are no stranger to adversity — whether that refers to the weather, news media or the instability of today’s economy. There’s no doubt the rising interest rate environment will have an impact on the lending market for both refinances and sales in the short-term, but the good news is market fundamentals in the Portland metro remain solid. At 4.53 percent, our vacancy rate sits well below the national average of 4.98 percent, per CoStar. The average apartment rent is now $1,600 per month, thanks to year-over-year rent growth of 8.5 percent, which CoStar projects to remain near 5 percent for the next couple years. New construction, which peaked at nearly 13,000 units in 2018, has slowed dramatically due to legislative and policy changes that have disincentivized developers. These challenges have been magnified by elevated material costs and an arduous permitting process. Year-over-year deliveries of 4,000 units illustrate the dramatic slowdown, as they’re well below the supply needed to meet a demand of more than 10,000 new units annually. The hot single-family home market also continues to push prospective home buyers out of the market. …

August 19, 2022

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.1M Sale of Former Elks Lodge in Gresham, Oregon

by Amy Works August 17, 2022

GRESHAM, ORE. — Portland-based Norris & Stevens has arranged the sale of a retail property located at 16321 SE Stark St. in Gresham. Gateway Elks Lodge No. 2411, Benevolent & Protective Order of Elks of The United States of America, sold the asset to an undisclosed buyer for $2.1 million. Built in 1926 on 2.3 acres, the 14,689-square-foot building features plenty of natural light, an atrium dining area and more than 100 parking spaces. Greg Nesting and Gabe Schnitzer represented the buyer and seller in the deal.

August 17, 2022

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