Brookline Investment Acquires Suburban Portland Apartments
- Nov 10, 2016
Sherwood, Ore.—Brookline Investment Group has acquired Sunfield Lakes, a 200-unit garden-style apartment community in the southwest Portland suburb of Sherwood, Ore. The seller was Berkshire Group, and the buyer—a family office based in southern California—acquired the property free and clear of existing debt.
Sunfield Lakes is at 16100 SW Century Drive in, less than three miles west of the Willamette Valley wine country and about 15 miles southwest of Portland’s CBD. The property offers a mix of one-, two- and three-bedroom units averaging 1,024 square feet and various common amenities, including an outdoor pool, hot tub, 24-hour fitness center, lounge and business center.
HFF marketed the asset on behalf of the Berkshire Group, with the investment sales team led by Managing Director Ira Virden and Director Carrie Kahn. “Sunfield Lakes is an attractive, long-term investment opportunity located in a supply-constrained submarket with strong demographics that support future rent growth,” Kahn said.
He added that its units are larger than average, and the “expansive common area space positions it well for a value-add program that will further enhance its appeal in the market.”
Portland has a fairly strong apartment market. According to Colliers International, a mixture of forces is now impacting the market, including substantial net in-migration, new supply, and slightly increasing homeownership rates among Millennials in 2015. “In the near term, this combination suggests moderating rent growth, and more stable vacancy levels in the 4 percent to 5 percent range, yet continued fundamentals supporting values for investors,” the company’s 3Q report on the market noted.