REBusinessOnline

Cushman & Wakefield Arranges $55M Refinancing for Heartline Apartments in Portland

PORTLAND, ORE. — Cushman & Wakefield has secured a $55 million loan for Security Properties to refinance Heartline Apartments, an apartment community located at 1250 NW Kearney St. in Portland.Dave Karson, Keith Padien, Chris Moyer, Alex Lapidus and Emily Johansen of Cushman & Wakefield Equity, Debt & Structured Finance arranged the financing for the borrower.Constructed in 2018, the 15-story Heartline Apartments features 218 apartments, a full suite of amenities and a …

Next Wave Expands Pacific Northwest Presence with $48.6M in Multifamily Acquisitions in Washington, Oregon

SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million.Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully …

Alliance Residential Breaks Ground on 237-Unit High-Rise Seniors Housing Project in Downtown Portland

PORTLAND, ORE. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland.The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents.The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property …

Avison Young Brokers $6M Sale of Single-Tenant Retail Property in West Linn, Oregon

WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver.Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease.Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, …

Pathfinders Partners Buys FortyOne 11 Apartments in Portland for $27.4M

PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the acquisition of FortyOne 11 Apartments, a multifamily property in northeast Portland. An undisclosed seller sold the property for $27.4 million.FortyOne 11 features 112 apartments and was 76 percent occupied at the time of sale.The investment was made from Pathfinder Partners Opportunity Fund VIII, which was raised in 2020 to make opportunistic multifamily investments. Pathfinder Fund VIII also invests in Seattle, …

Norris & Stevens Negotiates $9.5M Sale of Riverbend Apartments in Salem, Oregon

SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million.Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet …

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland.Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation …

Norris & Stevens Brokers $1.5M Sale of Office/Warehouse Building in Portland

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an office/warehouse property located at 1623 SE Sixth Ave. in Portland. Thomas Dwight Short Revocable Trust sold the building to 1623 SE Pants LLC for $1.5 million.Constructed in 1932 with additions in 1945 and 1966, the 11,318-square-foot building offers 2,370 square feet of office space and 8,948 square feet of warehousing space.Todd VanDomelen of Portland-based Norris & Stevens represented the seller, while Eli …

Norris & Stevens Brokers $8.2M Sale of Barclay Square Apartments in Woodburn, Oregon

WOODBURN, ORE. — Norris & Stevens has arranged the sale of Barclay Square Apartments, a multifamily property located at 2377 W. Hayes St. in Woodburn. West Coast Real Estate Holdings acquired the asset for $8.2 million.Constructed in 1975, the 53,000-square-foot property features 70 units in a mix of 30 one-bedroom/one-bath and 40 two-bedroom/one-bath layouts spread across nine buildings. The buyer plans to continue upgrading the property, and the acquisition financing obtained included …

Live Oak Provides $28.5M Construction Financing for Seniors Housing Expansion in Salem, Oregon

SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland.The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019.The expansion will total 147,000 square feet on an 8.9-acre

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