Portland-Area Apartments Sell for $48M
- Sep 30, 2020
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.