Portland Community Trades for $14M
- May 20, 2019
Pathfinder Partners has sold Sienna Lofts, a 75-unit multifamily community in Portland, Ore., an area where investors prefer value-add opportunities that offer higher yields, Yardi Matrix’ latest report shows. San Diego-based Street Properties LLC and Street Properties Inc. have acquired the asset for $14 million. According to Yardi Matrix data, the property last traded in 2016, when Pathfinder purchased it for $9.1 million.
The two two-story buildings sit on approximately 1.5 acres at 22744 SE Stark St., in Portland’s Gresham neighborhood. Pathfinder Partners renovated the community to include new landscaping, corridors, an upgraded interior lobby with new flooring, light fixtures, furniture and artwork.
Built in 2004, Sienna Lofts features a mix of studios, one- and two-bedroom units ranging from 419 to 1,140 square feet. In-unit amenities include washers/dryers, private balconies, walk-in closets, dishwashers and private patios. The pet-friendly community includes common-area amenities such as a dog park, leasing office, Wi-Fi and 94 on-site parking spaces. Sienna Lofts had an average rental rate of $1,244 as of April and was 94.7 percent occupied, Yardi Matrix data shows.