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HFF Strikes Twice in Suburban Portland

31 Jul 2015, 9:18 am

By Ioana Neamt, Associate Editor

The Bluffs - 12601 SE River Road

The Bluffs – 12601 SE River Road

HFF is doubling down on Portland’s multifamily market. The company recently closed the $47.1 million sale of two garden-style apartment communities totaling 368 units in Milwaukie, Ore. to Starwood Capital Group.

An HFF investment sales team led by managing director Ira Virden and associate director Kerry Hughes marketed the properties on behalf of Holland Partner Group. Starwood acquired the two communities—The Bluffs and Miramonte Lodge—free and clear of existing debt.

The 231-unit Miramonte Lodge was purchased by Holland from Lee Construction Co. back in 2006, according to data from Yardi Matrix. The 23-building community totals 164,144 rentable square feet located at 12200 SE McLoughlin Blvd. along Kellogg Creek. The property consists of studio, one- and two-bedroom apartments and features an outdoor pool, barbecue and picnic area, a clubhouse and a pet park.

Miramonte Lodge - 12200 SE McLoughlin Blvd

Miramonte Lodge – 12200 SE McLoughlin Blvd

The Bluffs is a four-building, 137-unit community located at 12601 SE River Road along the Willamette River. The 100,837-square-foot property offers residents studio, one-, two- and three-bedroom floorplans, and includes amenities such as an outdoor pool, sauna, barbecue area, fitness center and resident library. The community, acquired by Holland from Aimco in 2007, is conveniently situated about seven miles south of downtown Portland.

Residents of both The Bluffs and Miramonte Lodge will have direct access to downtown Portland when the new MAX Orange light rail line is completed in September 2015 along Highway 99E.

Images courtesy of Yardi Matrix 

DeskHub Lands in Portland

29 Jul 2015, 9:57 am

By Ioana Neamt, Associate Editor

334 NW 11th Ave - Portland, Oregon

334 NW 11th Ave – Portland, Oregon

An out-of-state tech company is placing its faith on Portland’s office market. Scottsdale, Az.-based DeskHub will open its fifth U.S. location at 334 NW 11th Ave. in the city’s booming Pearl District. The company currently has offices in Scottsdale, San Diego, Atlanta and Salt Lake City.

DeskHub has recently signed a long-term lease for 18,000 square feet of office space in a building formerly occupied by Ziba Design at the corner of NW 11th Ave. and Flanders. The property features a two-story lobby, outdoor deck, skylights, and boasts open collaborative areas and high ceilings. Additionally, the building offers flexible event space with nearly 200 seats.

“The building has a storied history with respect to the local tech community and sits in one of the strongest sub-markets in Portland with outstanding access to walkable amenities and mass transportation,” said Skip Newberry of the Technology Association of Oregon in a prepared statement. “As the way people work and live continues to change, these attributes will help DeskHub’s model thrive in a very competitive marketplace.”

Cushman & Wakefield’s Matt Johnson, Mark Carnese, Doug Deurwaarder and Tom Usher co-brokered the transaction on behalf of DeskHub, in collaboration with Ryan Bartos and Matthew Coxhead of Savills Studley. Apex Real Estate Partners’ Rennie Dunn represented the office building’s owner. DeskHub has selected Ronda Closner as community curator for the new space, and will host a formal launch event for the office in September 2015.

Image courtesy of DeskHub

TruAmerica Plants Seed in the Rose City

27 Jul 2015, 11:07 am

By Ioana Neamt, Associate Editor

The Park at Tualatin - 7800 SW Sagert St

The Park at Tualatin – 7800 SW Sagert St

TruAmerica Multifamily LLC recently paid $28 million for The Park at Tualatin, a 210-unit multifamily community in suburban Portland.

The Los Angeles-based company purchased the asset from FPA MultiFamily LLC, with the help of an HFF investment sales team led by managing director Ira Virden and associate director Kerry Hughes.

Located at 7800 SW Sagert St. in the Portland suburb of Tualatin, the property features one-, two-, and three-bedroom units averaging 775 square feet each. The community is conveniently situated about 12 miles southwest of downtown Portland, and in close proximity to popular retail destinations such as Bridgeport Village, Nyberg Woods, Nyberg Rivers and Tualatin Commons.

The 36-year-old garden-style community offers residents a list of amenities that includes a swimming pool with sun deck, children’s playground, basketball court, fitness center, clubhouse, and 550 parking spaces. The property is managed by Trinity Property Consultants.

Image courtesy of Yardi Matrix

Amstar, Kōz Bet Big on Small Apartments in SLU

24 Jul 2015, 5:21 am

By Alex Girda, Associate Editor

Just as it seemed like South Lake Union had run out of land, Amstar flew in and acquired a small parcel that will be transformed into a new apartment building. The Denver-based real estate investment manager will reportedly work on the new project with Snohomish-based Kōz Development.

Scheduled to break ground in early 2016, the new apartment building will embrace a growing trend in markets where residents are already feeling the pressure of rising prices and rents: smaller units. The move is meant to provide a level of increased affordability to potential renters in a climate that has seen rents soar over the past few years. Completion of the new infill development is scheduled for 2017.

Set to take shape at 1206 and 1210 Republican St. in SLU, the community will have good proximity to major employers such as Amazon, Facebook, and the Bill and Melinda Gates Foundation. The building will offer tenants a rooftop deck with views of the neighborhood and the city’s skyline. Partner that with Kōz and Amstar’s ambition to get smaller, Class A apartments to the area, as well as the high demand for residential units in Seattle, and the little infill development project might prove a big success in an apartment market in need of new business models.


Marriott to Puget Sound: Let Them Have Rooms!

17 Jul 2015, 6:14 pm

By Alex Girda, Associate Editor

Bastille Day saw the opening of a new hospitality venue for Bellevue’s core. The new facility is downtown’s first full-service Marriott, signaling that hospitality operators are taking notice of the increased growth in the Pacific Northwest.

Seattle Marriott Bellevue

A room at the Seattle Marriott Bellevue

The 384-key hotel offers 21,000 square feet of upscale event space, including a 6,240-square-foot ballroom. Rooms at the Seattle Marriott Bellevue feature free high-speed Internet, modern bathrooms and 55-inch LCD TVs. The guest amenity package also includes media centers, flexible common areas and other tech-friendly features that cater to the growing community of technology employees in the Puget Sound area. The hotel also features the M Club Concierge Lounge, a fitness center, an indoor pool and tech-oriented meeting rooms. Amuse Restaurant & Bar is located in the facility’s lobby, offering local cuisine.

Companies continue to expand or open new outposts in the area, but a substantial growth in tourism is also contributing to activity across most major aspects of the hospitality industry. RevPAR, ADR and occupancy have gained traction in recent months, driving more transactions and projects in the area. The new Marriott facility is a step in the right direction, but even that is not enough to satisfy the area’s current thirst for rooms as it also aims to boost its profile as a convention spot.

Image courtesy of marriott.com

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