Portland-Area Apartments Sell for $48M

RISE Properties Trust acquired the 178-unit community in the metro’s western suburbs on the heels of several deals in the region earlier this year.
Meadows at Heron Creek. Image courtesy of Institutional Property Advisors

Shelter Holdings has sold Meadows at Heron Creek, a 178-unit multifamily asset in the western suburbs of Portland, Ore. The buyer, RISE Properties Trust, paid $48.2 million for the community. Institutional Property Advisors brokered the sale.

Yardi Matrix shows RISE has made a series of Pacific Northwest acquisitions since the start of the summer. The REIT purchased two Seattle communities in two separate deals exceeding $100 million, also paying $18.5 million for a 120-unit property in the Portland suburb of Vancouver, Wash.

Located at 18599 NW Heritage Parkway in Hillsboro, Ore., the garden-style community is 11 miles west of downtown Portland. The property, built in 2012, has one- to three-bedroom units ranging from 672 to 1,156 square feet. Meadows’ amenities include a playground, walking trails and in-unit washers and dryers. Carport and garage parking is available on-site.

The property is close to several major suburban office hubs: Some 5.9 million square feet of office properties are within 2 miles of the community, including Nike’s global headquarters, according to Yardi Matrix. The Streets of Tanasbourne, a 368,000-square-foot outdoor shopping mall, is also a short distance away.

IPA’s Anthony Palladino, Giovanni Napoli and Philip Assouad headed up the team brokering the deal. Late last year, Napoli and Assouad helped close Investco’s $18.8 million disposition of a 75-unit Seattle community.