Lower Burnside Lofts Change Hands in Portland
- Feb 26, 2016
Portland, Ore.—A 53,000-square-foot multifamily development has recently changed ownership in Portland. Boston-based Berkshire Group purchased Lower Burnside Lofts, a six-story building featuring 63 market-rate apartments and ground-floor retail space, for an undisclosed amount. Located in the heart of the city’s trendy LoBu (Lower Burnside) neighborhood, the property was 95 percent occupied at the time of sale.
“Lower Burnside Lofts fits well into Berkshire Group’s strategy of investing in markets where we feel there are positive growth prospects and strong fundamentals,” Eric Schrumpf, senior vice president of multifamily acquisitions at Berkshire, said in a statement.
Located at 60 SE 10th Ave., Lower Burnside Lofts was developed by Urban Asset Advisors and completed in 2015. Designed by Vallaster Corl Architects, the community has a Walk Score of 93 and is minutes away from the Portland Streetcar – B Loop and the MAX Red and Green rail lines. Amenities include a courtyard, bike room, community room on the top floor with roof terrace, onsite parking, bike and pet wash stations and barbecue grilling area. Each unit is fitted with wood-style flooring, floor-to-ceiling windows, stainless steel appliances, washer and dryer, and offers views of downtown Portland.
“The property is in a great location positioned in a vibrant neighborhood close to downtown Portland. Moreover this project is located in the same submarket where Berkshire expects to close on an additional acquisition shortly, providing our organization operational scale in the vibrant Eastside and continuing with the company’s plan to target the greater Portland market for additional opportunities to further expand the portfolio,” explained Schrumpf.
ARA Newmark Managing Director Robert Black represented seller Urban Asset Advisors in the transaction.
Image courtesy of Bremik Construction