Portland, Ore.—Cardinal Group Investments LLC, a Denver-based company, has purchased the RiverPlace Square community in Portland from Prudential Life Insurance company for $77.5 million.
RiverPlace Square, which was built in two phases in 1991 and 1995, includes 290 apartments. These units consist of 135 apartment flats and 155 townhomes with attached one- and two-car garages. Additionally, the community features 16,499 square feet of ground-level parking and a commercial parking garage.
Cardinal plans to rebrand the community under its urban multifamily platform Mint Urban, which is aimed at working professionals looking to live in exciting urban areas.
“RiverPlace and Portland are a natural fit for the Mint Urban brand,” Del de Wendt, co-principal, Cardinal, says. “The property’s location within the downtown market and the lifestyle and culture of Portland align the property well with the brand’s current hip and sophisticated vibe. We are eager to see it come to life on the West Coast.”
Cardinal Group Management, Cardinal Group’s management company, will manage the community. Cardinal partners with Fundamental Advisors LP, a New York-based company, to purchase the property.
Cardinal feels that RiverPlace Square will be a good fit in their portfolio, which includes 23 properties in seven states, totaling nearly 1,800 units.
“We are thrilled to include RiverPlace into our growing portfolio of urban multifamily properties,” Eric Frank, co-principal, Cardinal, says. “We believe the planned capital improvements will greatly benefit RiverPlace and will enhance the uniqueness of the townhome unit mix within the downtown Portland market, which has seen mostly high-rise construction during the last 10 years.”