Exclusive: LA Firm Snaps Up Portland Community
The property previously traded in 2015 for 30 percent less.
Benedict Canyon Partners has acquired Fieldstone Apartments, a 154-unit community in Fairview, Ore., according to Yardi Matrix information. Investment Property Group sold the asset for $27.3 million, or $177,272 per unit.
Zions Bank originated a $20.9 million loan for the transaction, the same data provider shows. The note is due in 2031.
In 2015, Investment Property Group bought the property from Montagne Development for $20.8 million, or $135,000 per unit, about 30 percent below the current sale price.
Located at 20650 NE Halsey St., the 16-building community sits in an Opportunity Zone. It opened in 1997 on 8 acres, within walking distance of multiple transportation options and parks. It is also close to Interstate 84, providing easy access to Portland.
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The unit mix at the Fieldstone Apartments comprises one- to three-bedroom units, with floorplans ranging from 774 to 1,077 square feet. Units include washer and dryer, dishwasher and private balconies or patios.
A pet- and wheel-chair friendly community, it features a fitness center, clubhouse, playground, swimming pool, spa, sauna and pet station. Moreover, there are some 268 parking spaces at ground level. Services comprise night-patrol, on-site maintenance and on-site management. Avenue5 Residential manages the property.
Portland sees sales volume growth in Q2
Multifamily transaction activity in Portland amounted to $309.3 million in the second quarter of this year, according to a CBRE report. This represented a 48.5 percent increase quarter-over-quarter for the metro, with the average per-unit price reaching $196,849.
Notable deals that closed recently included the sale of the Ladd Tower, a 332-unit Class A community for $63 million, or $190,663 per unit, and The Habitat Apartment Homes, an 85-unit property for $18.85 million, or $221,760 per unit. The former came online in 2009, while the latter opened in 1978.
