Horizon Realty Lands $81M Refi for Oregon Community

Horizon acquired 303 Flats in Knoxville, Tenn., last June. Image courtesy of JLL Capital Markets

Horizon Realty has secured a $80.5 million refinancing for its nearly fully-occupied community in Eugene, Ore. JLL’s Jake Wisness and Jake Davidson arranged the five-year loan for Chase Village, which was provided through Freddie Mac Multifamily.

The garden-style community was built in 1990 and Horizon later acquired the community from Simpson Housing for $36.5 million as part of a 1031 tax deferred exchange in early 2003, according to Yardi Matrix data. Chase Village offers 536 units in one-, two- and three-bedroom floorplans that range from 768 to 1,245 square feet. The units were built with in-unit laundry, wood plank flooring and walk-in closets, while the community’s amenities include a pool, basketball court, fitness center, grilling area, car wash area and outdoor lounge spaces. The community is 98.5 percent occupied, according to Yardi Matrix data.

Located at 375 Marche Chase Drive, Chase Village is next to Autzen Stadium and Alton Baker Park and a short drive away from the interchange between the Interstate 5 and Route 126. Residents are less than three miles away from downtown Eugene and its cultural attractions, including the WOW Hall, Lane Events Center and 5th Street Public Market, as well as the University of Oregon and the Peace Health Corp.

Enclave of Horizon communities

Less than a mile from Chase Village, Horizon owns several other student housing and multifamily communities. The Seattle-based company’s portfolio includes the Stadium Park and The Flats at Chase student housing communities, along with the nearby Chase Courtyard community that offers studio and one-bedroom units.

Horizon’s multifamily portfolio has expanded beyond Eugene, including a community that’s currently being developed in Bend. Outside its Pacific Northwest assets, the company also has communities in southern and southeastern U.S. In June, Horizon acquired 303 Flats, a 431-bedroom student housing community near the University of Tennessee in Knoxville, Tenn. Overall, the company’s portfolio includes 55 properties managed, totaling more than 18,800 student beds and units.