JLL REIT Acquires Suburban Portland Property
Metropolitan Land Group sold the community for $61 million.
The 183-unit property is located in Sherwood, Ore. Image courtesy of JLL Income Property Trust
JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Creekview Crossing in Sherwood, Ore., for approximately $61 million. The purchase includes cortana the assumption of an in-place $26 million mortgage loan with a below-market interest rate of 3.09 percent. The seller was Beaverton, Ore.-based Metropolitan Land Group.
“Given the lack of transaction activity in the market last year, getting to price agreement was somewhat more challenging,” Allan Swaringen, JLL Income Property Trust president and CEO, told Multi-Housing News. “However, we worked collaboratively with the sellers and the brokers at JLL and came to an agreement that met both parties’ objectives.
Swaringen noted that the firm has a solid track record when it comes to working with sellers. “It also helped that one of our senior portfolio managers, Lucas Kimmel, was involved and hands on with the transaction from the beginning.”
Suburban location
Constructed in 2009, Creekview Crossing is located at 21759 SW Cedar Brook Way in Sherwood, a suburb of Portland. The property features 183 units. The community was 97.8 percent occupied at time of sale and has one- and two-bedroom apartments, along with two- and three-bedroom townhouses. Residences range in size from 760 to 1,560 square feet, averaging 1,188 square feet.
Features include private entries, private balconies, in-unit washers and dryers, high-speed Internet access and above-standard ceiling heights. A fitness center is among the common-area amenities of Creekside Crossing.
Situated about 12 miles from Downtown Portland, Sherwood offers access to a diverse array of employers, including in the manufacturing, healthcare and business sectors. The Sherwood School District ranks fourth in a field of more than 160 Oregon school districts.
Only one apartment community has been built in this area in the last 14 years, JLL said in a statement.
Earlier this month, CONAM Group acquired a Portland property for $34 million.
