PORTLAND, ORE. — M&C Properties has acquired the 324-unit Jory Trail at the Grove apartments in Portland for $59 million. The community is located at 8750 Southwest Ash Meadows Road.
The property sits adjacent to Interstate 5 in the Wilsonville submarket, which is less than 20 miles south of Downtown Portland. It is situated within the Grove master-planned community. Notable employers in the area include Xerox, Mentor Graphics, Fir Systems and Rockwell Collins.
Jory Trail was completed in 2012. It is currently 94 percent leased. Community amenities include walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa.
The seller, a partnership between Holland Partner Group and the Carlyle Group, was represented by HFF’s Ira Virden and Kerry Hughes. HFF also secured a $44.2-million, fixed-rate loan for M&C through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. The HFF debt placement team was led by Charles Halladay, Tom Wilson, Sebastian Trujillo and Charlie Watson.