Pathfinder Expands Portland-Area Footprint with Sixth Acquisition
The company purchased The Habitat, an 85-unit community previously owned by Fowler Property Acquisitions. Cody Hagerman and Greg Fink of Portland-based HFO Investment Real Estate brokered the $15 million transaction.
By Laura Calugar
The Habitat in Portland, Ore.
Pathfinder Partners acquired The Habitat, an 85-unit, 11-building community in Portland, Ore., for $15 million. According to Yardi Matrix data, Fowler Property Acquisitions sold the property. Cody Hagerman and Greg Fink of Portland-based HFO Investment Real Estate brokered the deal.
Located at 5745 S.W. Oleson Road, The Habitat is part of the Raleigh Hills neighborhood. The property is conveniently located a few miles from downtown Portland and in close proximity to Beaverton, Ore., and Hillsboro, Ore., which are home to major employers such as Intel, Nike and Columbia Sportswear. The multifamily asset sits on 4.8 acres and encompasses 19 duplex-style cottages and 66 garden-style apartments, averaging 789 square feet each. Amenities include:
- Swimming pool
- Fitness center
- Laundry room
- Private pond
- Clubhouse
- 160 parking spaces
Renovation plans
The new owner of the property, which was built in 1978, intends to upgrade it. “We were attracted to the community’s unique, park-like, tranquil setting. Our plan is to complete interior unit renovations, implement common area improvements by adding carports, a dog park with dog wash station, barbecue area and exterior improvements to the “pond-view” units,” said Pathfinder Partners Senior Managing Director Lorne Polger, in a prepared statement.
Portland continues to be an attractive market for Pathfinder. “The Portland metro area is one of the strongest apartment markets in the nation and continues to experience strong year-over-year rental growth with consistently tight vacancies,” Polger added.
Since 2010, Pathfinder has been active in Portland with six acquisitions and three dispositions. The company purchased Red Tail Canyon Townhomes, a 73-unit multifamily community, in 2015 and sold Springwater Court Townhomes, a 32-unit multifamily community, in 2016.
Image courtesy of Pathfinder Partners
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