Oregon

Trion Properties Purchases 156-Unit Apartment Complex Near Portland for $28M

by Amy Works July 3, 2018

TIGARD, ORE. — Trion Properties has acquired Pacific Crest Apartments, a multifamily community located at 10695 SW Murdock St. in Tigard. A private seller sold the property for $28 million. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in the transaction. Continental Partners arranged a $18.4 million acquisition loan for the buyer. Built in 1974, the property features 156 apartments in a mix of studio, one-, two- and three-bedroom floorplans with in-unit washers/dryers. The buyer plans to renovate the units, including the installation of quartz countertops, stainless steel appliances, new cabinets, vinyl floor and Kevo door locks.

July 3, 2018

Development Multifamily Oregon Seniors Housing Western

MorningStar, Confluent Start Construction of Seniors Housing Community in Oregon

by Amy Works July 2, 2018

HAPPY VALLEY, ORE. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Happy Valley in the Portland suburb of Happy Valley. The three-story, 83,300-square-foot property will feature 61 units of assisted living and 27 units of memory care. Located on two acres, the community is scheduled to open in summer 2019. This is the second seniors housing project in the Portland metro area for the joint venture, and the 12th overall. Local firms involved in the project include LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as interior designer.

July 2, 2018

Development Loans Multifamily Oregon Western

Guardian Real Estate Receives Construction Financing to Build 110-Unit Multifamily Project Near Portland

by Amy Works June 22, 2018

MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.

June 22, 2018

Acquisitions Industrial Oregon Western

Partnership Acquires 46,000 SF Vintage Industrial Building in Portland for $6.3M

by Amy Works June 8, 2018

PORTLAND, ORE. — ScanlanKemperBard Cos., in partnership with Tryba Architects and the principals of Lorentz Brunn Construction, has acquired a vintage industrial property located at 1805 SE MLK Blvd. in Portland’s Central Eastside district. The partnership purchased the property for $6.3 million, or $136 per square foot, and it plans to invest $8.9 million in renovations for a total project cost of $15.2 million. Originally the home of Morehouse Glass, the two-story, 46,000-square-foot property is 1960s vintage concrete construction with 20-foot ceilings, original glulam beams and concrete floors. The project will be rebranded The Glass Lab.

June 8, 2018

Acquisitions Oregon Retail Western

Savills Studley Arranges Sale of 147,943 SF Regional Shopping Center in Medford, Oregon

by Amy Works June 8, 2018

MEDFORD, ORE. — Savills Studley has brokered the sale of WinCo Plaza, a regional shopping center located in Medford. Larkspur, Calif.-based Argonaut Investments purchased the 147,943-square-foot property from a private family office for an undisclosed price. Located at Barnett Road and Interstate 5 Freeway, the property is anchored by WinCo Foods, which occupies 94,500 square feet. Additional tenants include Dollar Tree, McDonald’s, Payless ShoeSource and Valley Immediate Care. Maurice Nieman of Savills Studley handled the transaction.

June 8, 2018

Loans Multifamily Oregon Seniors Housing Western

Ziegler Closes $41.1M Bond Financing for Seniors Housing Property in Metro Portland

by Amy Works June 5, 2018

LAKE OSWEGO, ORE. — Ziegler has closed $41.1 million in fixed-rate bond financing for Mary’s Woods at Marylhurst Inc. Mary’s Woods is an Oregon nonprofit corporation operating a seniors housing community located in Lake Oswego, approximately eight miles south of Portland. The community consists of 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites. The community is situated on a 36-acre site, which Mary’s Woods leases from the Sisters of the Holy Names of Jesus and Mary, an Oregon nonprofit corporation. The borrower plans to use the proceeds to finance a portion of an expansion project; pay a portion of the interest on the bonds; fund a debt service reserve fund; and pay certain costs of issuance of the bonds. The bonds will be issued with a combination of temporary and permanent series, consisting of $16.7 million in tax-exempt serial and term bonds, amortizing over a 34-year period ending May 15, 2052.

June 5, 2018

Acquisitions Arizona California Multifamily Oregon Property Type Top Stories Washington Western

Kennedy Wilson Sells West Coast Multifamily Portfolio for $422M

by John Nelson May 29, 2018

BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …

May 29, 2018

Development Loans Multifamily Oregon Western

HFF Arranges $47.4M in Joint Venture Equity for 347-Unit Multifamily Development in Portland

by Amy Works May 18, 2018

PORTLAND, ORE. — HFF has secured $47.4 million in joint venture equity for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Ira Virden, Mark Erland and Matt Benson of HFF, on behalf of developer Alamo Manhattan, arranged the joint venture equity partnership with Diamond Realty Investments. Slated for completion in 2020, the property will feature 347 units in a mix of studio, one- and two-bedroom apartments, averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including a 15,000-square-foot amenity terrace and a 20th-floor rooftop residential lounge, and a 16th-foor terrace. Additionally, the property will feature 15,000 square feet of ground-floor retail space.

May 18, 2018

Acquisitions Multifamily Oregon Seniors Housing Western

1031 Crowdfunding Acquires Memory Care Facility in Oregon for $14M

by Amy Works May 9, 2018

HILLSBORO, ORE. — 1031 Crowdfunding, through a joint venture with Seasons Management LLC, has acquired Rosewood Specialty Care, a 48-bed memory care facility in Hillsboro, a suburb of Portland. An affiliate of Frontier Management will operate the 44-unit, 22,950 square foot facility. Frontier has managed the property since 2008, with an average occupancy of 93.8 percent. The purchase price was $14 million. “Seniors housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and CEO of 1031 Crowdfunding. “We are particularly excited about the memory care sector.” 1031 Crowdfunding LLC is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.

May 9, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Acquires Three Multifamily Properties Near Portland for $24.2M

by Amy Works May 2, 2018

BEAVERTON AND TIGARD, ORE. — Trion Properties has purchased three multifamily properties totaling 174 units in metro Portland. The acquisitions include a two-property portfolio in Beaverton and a 71-unit multifamily community in Tigard. In Beaverton, Trion purchased the 41-unit Menlo Square, located at 5930 SW Menlo Drive, for $5.7 million, and the 62-unit Center Square Apartments, located at 12310 SW Center St., for $8.5 million. Continental Partners arranged $4.8 million and $7.7 million in acquisition financing for the purchases, respectively. Cody Hagerman and Tyler Johnson of HFO represented the buyer and seller, a private seller, in the portfolio transaction. Additionally, Trion acquired Maple Tree Apartments, a 71-unit property located at 10890 SW Canterbury Lane in Tigard. A private seller sold the property for $10.1 million. Continental Partners arranged a $8.1 million loan for the acquisition. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal.

May 2, 2018

Newer Posts

Older Posts