Glencrest Group Buys Portland Asset

Meadowland Apartments, soon to be rebranded as Township Eastside. Image courtesy of JLL

Glencrest Group has acquired a 168-unit, garden-style Portland, Ore., community for $26.85 million.

A 10-year, fixed-rate loan through Freddie Mac Multifamily was also secured on behalf of Glencrest and will be serviced by Freddie Mac Optigo lender JLL Real Estate Capital.

Previously owned by NBP Capital, the community is a 20-minute drive from Downtown Portland. Located at 17310 S.E. Naegeli Dr., the property, formerly known as Meadowland Apartments, was completed in 1991. The property includes two- and three-bedroom homes averaging 986 square feet.

Township Eastside is 94.6 percent occupied, according to Yardi Matrix data. Amenities in the community include a pool, clubhouse, playground and detached garages. Individual apartments feature a washer and dryer and a private patio or balcony option.

Residents are in East Portland’s Gresham submarket, near some 200 acres of parks, 840 acres of natural green spaces and eight miles of trails. Within three miles of the community is 4.4 million square feet of retail options at the Gresham Station Shopping center and in downtown Gresham. The community has easy access to Mt. Hood and large employers in the area. The larger Pacific Northwest is accessible via Interstate 84, I-205 and Highway 26.

JLL’s Ira Virden, senior managing director, Carrie Kahn, managing director, and Frank Solorzano, director, represented NBP Capital in the deal. Glencrest Group was represented by the JLL capital markets debt advisory team, which included Charles Halladay and Peter Smyslowski, both senior managing directors, as well as Jonah Aelyon, director, and Elijah Lax, analyst.

Portland activity remains strong

Despite occupancy rates falling last July, on a year-over-year basis, to 96.2 percent, the Portland rental market is in high demand. Throughout 2022 the area saw steady improvement with construction starts doubling through August when compared to the same timeline in 2021.

A nearby community located between Salem and Portland is currently under construction and set to be developed in two phases. Once complete, the property will feature 586 apartments across 16 buildings.