Portland’s apartment scene continues to move with two more sales this week ringing up more than $56 million.
Trion Properties recently purchased Woodland Park Estates, a 74-unit community located at 1820 N.E. 104th Ave. in Portland’s Gateway neighborhood, for $6.6 million. Holliday Fenoglio Fowler LP marketed the property on behalf of the seller, Rael Development Corporation. Rael is based in Newport Beach, California.
HFF also reported the $49.5 million sale of Canyon Creek, a 37-unit multi-housing community in Wilsonville. The buyer in that transaction was Aukum Management, an apartment investment firm in Menlo Park, Calif.
According to a release, Trion Properties purchased Woodland Park Estates free and clear of existing debt and plans to perform an extensive renovation and repositioning strategy with the property. HFF also worked on behalf of the buyer to secure a $5.3 million, seven-year, floating-rate loan through Freddie Mac. HFF previously worked with Raelcorp to secure a fixed- rate loan to purchase the property in 2011.
Situated on three acres, Woodland Park Estates has two- and three-bedroom units averaging 962 square feet each. Property amenities include a swimming pool, community common area, resident parking and on-site laundry facilities. The property is currently 98 percent leased.
The HFF investment sales team representing Raelcorp was led by associate directors Nick Klein and Tyler Linn. HFF’s debt placement team representing Trion Properties was led by managing director Mark Wintner.
In the Wilsonville deal, Aukum Management LLC purchased Canyon Creek free and clear of existing debt.
What this means for you
There is lots of development happening in Portland. As Portland is currently experience an influx in demand while supply remains slim, it may be prudent to consider the scale of new developments and how that fits into the city’s current housing equation.