GRESHAM, ORE. — NBP Capital has completed the sale of The Groves, a multifamily property located in Gresham, a suburb of Portland. Abacus Capital Group acquired the community for $38.5 million. Located at 3500 NE 17th St., The Groves features 201 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include a swimming pool, community lounge with television, fitness center, barbecue area and playground. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
GRESHAM, ORE. — Dwight Capital has closed a $26.8 million HUD 223(a)(7) refinancing for Springwater Crossing Apartments in Gresham. Built in 2010, the property features 32 apartments, a resident lounge, fitness center and four playgrounds. Additionally, Springwater Crossing qualifies as a green/energy-efficient property and therefore received a Green Mortgage Insurance Premium Reduction set at 25 basis points. Josh Sasouness of Dwight Capital originated the transaction.
BEAVERTON, ORE. — A joint venture between Dallas-based NewcrestImage and Portland-based Centerbury Hotel Group has opened Hyatt House Portland/Beaverton. The hotel is located at 12820 SW Crescent St. in Beaverton, approximately seven miles west of downtown Portland. Situated in the downtown area, the property features 125 guest rooms, including 13 apartment-style suites with fully equipped kitchens and separate living spaces. Additional hotel amenities include two indoor lounges, an outdoor patio and barbecue area, 635-square-foot meeting room, 24-hour gym and mini-market. The Hyatt House in Beaverton marks the first joint venture for the companies. NewcrestImage currently owns and operates 30 hotels nationwide, and Canterbury Hotel Group has a portfolio of 10 hotels in the Pacific Northwest.
KING CITY, ORE. — An affiliate of Livingston Street Capital has acquired King City Senior Village, an independent living community in the Portland suburb of King City. This is the first West Coast addition to the firm’s active adult and independent living portfolio. The property was recently renovated. The number of units and other details were not disclosed. “We’re focused on identifying core, core-plus and light value-add communities throughout the country that facilitate the lifestyles today’s 55+ residents desire, based on our expertise in the active adult and independent living sectors,” says Peter Scola, founder and co-CEO of Livingston Street Capital. “King City Senior Village is well aligned with this strategy, due to its appealing location and established emphasis on providing a range of wellness-minded activities and engaging social programs. “King City was originally established as an age-restricted community in the 1960s and maintained its reputation throughout the years as an ideal location for retirement. The property is situated in the picturesque Pacific Northwest, just 10 miles from downtown Portland, providing exceptional suburban living with easy access to the city.” Located near several convenient retail amenities and the communities of Tigard, Beaverton and Portland, King City Senior Village consists of …
CANBY, ORE. — San Francisco-based Glencrest Group has purchased The Township, an apartment community located at 700 SE Fifth Ave. in Canby, approximately 25 miles south of Portland. Andrew Behrens and Jesee Weber of CBRE arranged a $13.8 million, 10-year, fixed-rate loan for the buyer. Josh McDonald of CBRE’s Portland office represented the undisclosed seller in the transaction. The Township features 92 units in a mix of one-, two- and three-bedroom floor plans spread across 13 buildings, with an average unit size of 987 square feet. The apartments offer decks, patios and washer/dryers. Community amenities include a clubhouse, fitness center, playground, storage units and 166 parking spaces. At the time of sale, the property was 98 percent leased.
TUALATIN, ORE. — Trion Properties has purchased two adjacent apartment communities in Tualatin, a southwest suburb of Portland. Terms of the transaction were not released. Trion will operate the two properties, formerly known as Casa De Robles and Cypress Gardens, as one community – Fox Meadows, located at 19605 SW Boones Ferry Road. Built in 1968, the property features 95 townhome-style units in a variety of floor plans, ranging from 562 square feet to 1,033 square feet, with patios and decks available on some units. Recent interior upgrades include grey vinyl plank flooring, stainless steel appliances, quartz countertops, undermount sinks, new custom cabinetry, Bluetooth locks and upgraded bathroom vanities. Common amenities include a swimming pool, laundry facilities and ample parking and storage.
PORTLAND, ORE. — Harrison Street and 1547 Data Center Real Estate Fund II, an affiliate of fifteenfortyseven Critical Systems Realty, have purchased the historic Pittock Block Building, a 302,262-square-foot, mixed-use asset in Portland’s central business district, for $326 million. The seller was Also Investment Co. The price is the highest transaction cost in Oregon since 2015, according to JLL, which brokered the deal. The 302,200-square-foot building is one of the most connected data center buildings in the United States, serving 179 service providers, according to the buyers. Additionally, the property is one of only two primary internet exchanges in the entire Northwest. The property also features office suites and retail space. The acquisition of Pittock Block is the second investment for Harrison Street and 1547 following the purchase of the Wells Building, a carrier hotel and data center in Milwaukee. The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Co. and several other investors, primarily as an office building with an electrical and steam generation plant in the three-story sub-basement serving the Portland westside. In 1986, Alco …
PORTLAND, ORE. — BPM Real Estate Group has completed the disposition of Sunset Summit, a multifamily community located in the West Hills neighborhood of Portland. Prime Residential acquired the property for $80.7 million, or $309,387 per unit. Situated on 31 acres, the 261-unit Sunset Summit was built in 1989 and renovated in 2014. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.
NORTH BEND, ORE. — Merrill Commercial Real Estate has arranged the sale of a 69-unit independent living community in North Bend. The 44,000-square-foot community was part of a senior living portfolio that went into receivership in late 2019. The property is one of four properties in the portfolio that make up a continuum-of-care model in the local area. The name of the property and campus were not disclosed. Mike Merrill represented the court-appointed receiver. A California-based investment group focused on the multifamily sector paid $4.1 million for the property, representing a capitalization rate of 8.4 percent. The community was 80 percent occupied at the time of sale.
PORTLAND, ORE. — McBride Capital has secured $7.8 million in bridge debt for the refinancing of Kaya Camilla, a mixed-use property located in Portland’s Overlook neighborhood. The property features 36 residential units and 4,000 square feet of ground-floor retail space. The two-year loan refinanced the construction debt and provided additional loan proceeds for tenant improvements and leasing commissions. Danny Natsch of McBride Capital placed the loan on behalf of the undisclosed borrower with a national bridge lender.