CONAM Group Pays $34M for Portland Asset
This was the first acquisition through CONAM Strategic Investments Fund IV LP.
The CONAM Group has acquired Skylar Grand, a 170-unit luxury community in Portland, Ore., its first purchase through CONAM Strategic Investments Fund IV LP. The previous owner was Fairfield Residential, according to Yardi Matrix data.
The property changed hands for $34 million, public records show. The transaction involved a $20.6 million Fannie Mae loan originated by CBRE, due to mature in 2031.
Completed in 2022, the LEED Gold-certified community rises seven stories and comprises studio, one-, two- and three-bedroom floorplans ranging from 408 to 1,087 square feet, as well as some 5,700 square feet of retail space. Of the total, eight units are designated as affordable.
Apartments feature in-unit washers and dryers, along with private balconies or patios for select layouts. Common-area amenities include a social lounge, fitness center, shuffleboard table and barbecue.
Located at 465 NE Davis St., in an Opportunity Zone, Skylar Grand is off Interstate 84 and less than 3 miles from downtown Portland. The community is also some 10 miles from Portland International Airport and 2 miles from the Legacy Emanuel Medical Center.
An expansive national footprint
The CONAM Group currently owns some 40 properties, totaling more than 9,000 units, according to Yardi Matrix data. Additionally, the company manages more than 60,000 residences in 500 assets across 11 states. Recently, the firm acquired a two-property portfolio totaling 570 units in the Dallas metro area through its CONAM Multifamily Partners Fund III.
Throughout 2023, more than 2,500 units traded in Portland across 24 properties, for an investment volume of $624.7 million, Yardi Matrix information shows. These figures represent a considerable drop from the previous year when some 44 assets changed hands, investments amounting to more than $1.6 billion. The average price per unit also decreased from $283,679 to $234,961.
