Oregon

Cumberland Holdings Sells Sheldon Butte Apartments in Eugene, Oregon for $35.7M

by Amy Works December 20, 2021

EUGENE, ORE. — Cumberland Holdings has completed the disposition of Sheldon Butte, a garden-style, value-add multifamily property in Eugene. Clear Capital acquired the asset for $35.7 million. Located at 2555 Willakenzie Road, Seldon Butte features 176 apartments. Community amenities include a leasing office, community lounge, fitness center, pool and spa, four laundry facilities, a recycling center, dog park, picnic and barbecue areas, and a community garden. The property was built in 1972. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

December 20, 2021

Acquisitions Industrial Oregon Western

Trammell Crow Sells 195,546 SF Industrial Building in Hillsboro, Oregon

by Amy Works December 16, 2021

HILLSBORO, ORE. — Trammell Crow Co. (TCC) has completed the sale of an industrial facility located at 3600 NE Huffman St. in Hillsboro. Principal Real Estate Investors acquired the 195,546-square-foot property for an undisclosed price. Hitachi High-Tech America (HTA) plans to occupy the asset, which is known as Hitachi Center of Excellence in Portland, and will utilize the building for semiconductor engineering. HTA plans to be fully operational at the new facility in 2023. The 18-acre site offers additional land that can accommodate an expansion of 100,000 square feet to 130,000 square feet. HTA is an affiliate company that operates within Hitachi Group Cos. to sell and service semiconductor manufacturing equipment, analytical instrumentation, scientific instruments and bio-related products, as well as industrial equipment, electronic devices, and electronic and industrial materials. Paige Morgan, Charles Safley, Tom Pehl, Lou Senini and Chais Lowell of CBRE represented TCC in the sale. Kristin Hammond and David Saad, also of CBRE, represented HTA in the lease negotiations. The project team included Mildren Design Group and Perlo Construction. David Etchart of CBRE Project Management led the tenant project management team, and Lauren Peng of CBRE Property Management acted as the property manager on behalf of the …

December 16, 2021

Loans Multifamily Oregon Seniors Housing Western

M&T Realty Capital Provides $20M Financing for Memory Care Facility in Portland

by Amy Works December 8, 2021

PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.

December 8, 2021

Development Multifamily Oregon Western

Guardian Real Estate to Develop 234-Unit Monroe Apartments in Milwaukie, Oregon

by Amy Works November 10, 2021

MILWAUKIE, ORE. — An affiliate of Guardian Real Estate Services has received preferred equity from PCCP for the development of Monroe Apartments, a multifamily property in Milwaukie, five miles south of Portland. Situated on 7.2 acres, the Class A property will feature 234 apartments spread across five residential buildings in a mix of studio, one-, two- and three-bedroom units. Unit interiors will include quartz countertops, vinyl-plank flooring, stainless steel appliances, in-unit washers/dryers, large closets and USB outlets. Community amenities will include a playground, dog park, outdoor workout area, barbecue stations and a clubhouse that will offer a feature room, bicycle storage and common area. Additionally, the community will feature 301 parking spaces.

November 10, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers $6.7M Sale of Park Fiesta Apartments in Portland

by Amy Works November 10, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Park Fiesta Apartments, a multifamily property located at 2121 SW Multnomah Blvd. in Portland. SW Multnomah Properties acquired the community from Park Fiesta LLC for $6.7 million. Constructed in 1968 on 1.1 acres, the two-story, 33,180-square-foot apartment complex features 46 units in a mix of one- and two-bedroom layouts. Community amenities include an on-site laundry facility, pool and courtyard. Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Craig McConachie of C&R Real Estate Services Co. represented the seller in the deal.

November 10, 2021

Affordable Housing Development Multifamily Oregon Western

Ethos Development Breaks Ground on 73-Unit Shift Apartments in Portland

by Amy Works October 18, 2021

PORTLAND, ORE. — Ethos Development has broken ground for the construction of Shift Apartments, a five-story multifamily property located in Portland’s Overlook neighborhood. The 43,000-square-foot, transit-oriented community will feature 73 apartments in a mix of lofts, one-, two- and three-bedroom layouts affordable to residents earning 60 percent of area median income. Shift will also feature 22 market-rate micro-studios. On-site amenities will include a gym, community room and roof deck. Works Progress Architecture is serving as architect and O’Brien & Co. is serving as general contractor for the project. Shift Apartments is located one block from Nomad, a 130-unit apartment community completed by Ethos in December 2020.

October 18, 2021

Homewood-Suites-Portland-Airport-Portland-WA

Acquisitions Hospitality Oregon Washington Western

Rockbridge Sells Two-Hotel Portfolio in Pacific Northwest Totaling 209 Rooms

by Amy Works October 15, 2021

PORTLAND, ORE. AND VANCOUVER, WASH. — Rockbridge has completed the disposition of a 209-key, two-hotel portfolio located in Portland and Vancouver. Terms of the transaction were not released. The portfolio consists of the 104-room Homewood Suites Vancouver-Portland in Vancouver and a 105-room Homewood Suites Portland Airport in Portland. Since 2016, the hotels have been undergoing $12.4 million in capital improvements (an average of $59,000 per room). Both properties are unencumbered by management. Melvin Chu and John Strauss of JLL Hotels & Hospitality represented Rockbridge in the deal.

October 15, 2021

Acquisitions Multifamily Oregon Western

Guardian Real Estate Sells Hidden Village Apartment Community Near Portland for $30.2M

by Amy Works October 14, 2021

WEST LINN, ORE. — Guardian Real Estate Services has completed the disposition of Hidden Village, a multifamily property located in West Linn. FPA Multifamily acquired the asset for $30.2 million. Located at 40010 Robin Place, Hidden Village features 98 garden-style apartments in a mix of one- and two-bedroom flats and two-bedroom townhomes averaging 848 square feet. Units include stainless steel appliances, fireplaces, upgraded LED lighting, balcony/patio with storage and vaulted ceilings. On-site community amenities include a clubhouse, pool, spa, fitness center, covered parking and detached garages. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets Investment Sales Advisory team represented the seller in the deal.

October 14, 2021

Acquisitions Industrial Oregon Western

SPC Acquires Last-Mile Distribution Property in Salem, Oregon for $28.2M

by Amy Works October 11, 2021

SALEM, ORE. — New Jersey-based SPC LLC has purchased a last-mile industrial property located in Salem from White Plains, N.J.-based Reich Brothers for $28.2 million. The property is a 129,760-square-foot former solar panel plant that Panasonic owned and operated. The company closed operations in September 2017, and Reich Brothers, a facility turn-around specialist, acquired the property in March 2018. In fall 2019, Reich Brothers leased the entire facility to a Fortune 100 e-commerce company. Craig Tomlinson of Stan Johnson Co. handled the transaction.

October 11, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates $17M Sale of Two-Property Seniors Housing Portfolio in Oregon

by Amy Works October 11, 2021

GRANTS PASS AND MEDFORD, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Bridge in Grants Pass and The Orchards in Medford. The properties are approximately 30 miles apart in the southwest corner of the state. The Bridge was constructed in 2001 and offers independent living and assisted living. The Orchards was built in 2000 and offers assisted living. The communities offer a total of 148 units in a combined 103,455 square feet across 3.6 acres of land. A local ownership group with only these two seniors housing properties sold the assets. An Oregon-based owner-operator acquired the communities for $17 million. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The new owner-operator is continuing to expand their footprint and these communities fit in well with their long-term strategic plan,” says Punzel.

October 11, 2021

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