Oregon

NKF Capital Markets Arranges $75.5M Refinancing for Multifamily Complex in Portland

by Amy Works July 19, 2018

PORTLAND, ORE. — NKF Capital Markets has arranged a $75.5 million loan to refinance The Douglas, a multifamily property located at 2083 SW River Drive along the Willamette River in Portland. ACORE Capital provided the financing for the borrowers, NBP Capital and Berggruen Holdings. Jordan Roeschlaub, Dustin Stolly, Chris Kramer and Nick Scribani of NKF Capital Markets arranged the financing. The property features 290 apartment units and 17,000 square feet of retail space, occupied by a spa, sports bar, property management services and restaurants. The property also features townhome-style units with private garages, backyard space and large unit sizes.

July 19, 2018

Acquisitions Multifamily Oregon Western

Security Properties Buys 228-Unit Multifamily Community in Oregon for $45.5M

by Amy Works July 19, 2018

BEND, ORE. — Security Properties and a university endowment have purchased Seasons at Farmington, a multifamily community located in Bend’s Old Farm District. An undisclosed seller sold the property for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, swimming pool, clubhouse with lounging areas and a fitness center, dog park, and outdoor fire pit. This transaction is Security Properties’ first acquisition in Bend. Security Properties Residential, an affiliate of the buyer, will manage the community.

July 19, 2018

Loans Multifamily Oregon Student Housing Western

Cardinal Group Purchases 244-Bed Student Housing Community Near University of Oregon

by Amy Works July 12, 2018

EUGENE, ORE. —Cardinal Group has acquired Arena District, a 244-bed student housing community located near the University of Oregon in Eugene. The property offers two- and four-bedroom units. Shared amenities include a fitness center; hot tub; private study room; study area and internet café; multimedia lounge; clubroom with gaming and pool table; and outdoor courtyard with grilling station. HFF arranged an undisclosed amount of acquisition financing for the transaction. The HFF team, which included Pat Burger, secured the floating-rate loan through Freddie Mac’s CME Program. HFF will also service the securitized loan.

July 12, 2018

Acquisitions Multifamily Oregon Western

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

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