Green Leaf Buys $43M Community in Portland
CBRE provided a $22.5 million acquisition loan.
Sandy28 comprises 206 units, as well as 3,300 square feet of retail space. Image courtesy of Yardi Matrix
Fairfield Residential has sold Sandy28, a 206-unit community in Portland, Ore. Green Leaf Capital Partners acquired the property for $43 million, financing the purchase with a seven-year, $22.5 million Fannie Mae loan originated by CBRE, public records show. IPA represented the seller.
Completed in 2020, the Class A community encompasses studio, one- and two-bedroom floorplans ranging from 340 to 1,055 square feet, as well as roughly 3,300 square feet of retail space. Common-area amenities comprise a rooftop terrace, fitness center, clubhouse, business center, game room and dog park, alongside coworking spaces.
Located at 2869 NE Sandy Blvd., the mid-rise building is 4 miles northeast of downtown Portland, close to three light rail stations. A Fred Meyer grocery store is within walking distance.
The IPA team which secured the deal included Vice President Anthony Palladino, Executive Directors Giovanni Napoli and Philip Assouad, Associate Nicholas Ruggiero and Senior Associate Ryan Harmon.
The City of Roses’ multifamily market
As of September, Portland has seen a decrease of 240 basis point in year-over-year rent growth, according to a recently published Yardi Matrix national multifamily report. At the same time, 3,250 units have entered the metro’s inventory since the beginning of the year, representing 2.4 percent of the total stock.
In terms of sales, Greater Portland has seen 1,795 units change hands year-to-date as of September, Yardi Matrix data reveals. In one of the largest deals of the period, Abacus Capital Group paid $96.7 million for a 440-unit multifamily community in Gresham, Ore.
