Glencrest Group Buys Multifamily Property Near Portland, CBRE Capital Markets Secures $13.8M Loan
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.