Berkshire Returns to Portland with Second Multifamily Acquisition
- May 31, 2016
Portland, Ore.—Boston-based Berkshire Group announced it acquired the Cook Street Apartments community from Seattle-based developer Lake Union Partners, marking the investor’s second multifamily acquisition in Portland in 2016. The financial details of the transaction were not disclosed.
“In purchasing Cook Street Apartments, Berkshire is continuing its strategy of investing in quality properties in key markets,” noted Eric Schrumpf, senior vice president of multifamily acquisitions, Berkshire Group. “Urban Portland and the North Williams submarket offer a rich quality of life for residents drawn to the bustling restaurant, retail and nightlife scene in the immediate neighborhood in close proximity to the heart of downtown Portland.”
Cook Street Apartments is a Class A apartment community located in the Williams District of urban Portland at 107 N. Cook St., adjacent to the New Seasons grocer. The property offers 206 units with studios, one- and two-bedroom floorplans ranging in size from 490 to 983 square feet. Berkshire Communities, the property management division of Berkshire Group, will manage the asset.
Community amenities include: a community lounge with demonstration kitchen and media area; library lounge with book exchange and work stations; bike storage; rooftop desk with barbecue stations and fire pits; car, bike and pet wash areas; yoga studio; fitness facility; and controlled-access entry and parking. Unit amenities include Energy Star-rated stainless steel appliances, in-home washer & dryer, and chef-style kitchens.
Image courtesy of Berkshire Communities