By Adina Marcut
CBRE Capital Markets has secured the sale of Tess O’Brien Apartments, a 123-unit community located in Portland, Ore. Kehoe Northwest Properties sold the asset for $25.5 million to a San Diego-based buyer. CBRE’s Vice President Graham Taylor represented the seller.
Located at 1953 NW Overton St., the community is approximately 13 miles from Portland International Airport. The two six-story buildings feature studio units averaging 390 square feet. Each studio offers amenities, such as plank flooring, built-in shelves, stainless steel dishwasher, microwave, range, refrigerator and eco-friendly electric heating.
Completed in 2017, the pet-friendly community features the following common area amenities:
- pet washing area
- 24-hour fitness center
- courtyard with fire pit and lounge area
- outdoor sitting area with grill and ping pong table
- community lounge with fire pit and TV
- bike storage room
- laundry facilities
$1 million renovation plan
According to Portland Patch, the buyer, SENTRE, plans to invest $1 million to upgrade common amenities on the ground floor including the fitness center, clubhouse and exterior seating, as well as signage, landscaping enhancements and various upgrades to unit interiors. Additionally, the company change the name to The Thornton. Renovations are slated to be completed by fall 2018. SENTRE’s latest transaction included plans to develop Villea at Lake Murray, a townhome development in the Lake Murray neighborhood of La Mesa, Calif.
Image courtesy of Yardi Matrix
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