Portland Multifamily Portfolio Trades for $26M
- Dec 10, 2019
Trion Properties has acquired a three-community, 162-unit multifamily portfolio near Portland, Ore., for $26.1 million from NBP Capital. Continental Partners secured $19.1 million in acquisition financing for the new owner. HFO Investment Real Estate represented the buyer.
The purchase brings Trion’s holdings in the steadily growing metro to nine assets comprising 650 units. Last year, the firm expanded its footprint with four Portland acquisitions totaling 373 units, per data from Yardi Matrix.
The three communities, all located in Washington County, will be rebranded and renovated, following other capital improvements completed in recent years. Multifamily assets are performing well in the county, with Yardi Matrix showing an overall occupancy rate of 95.7 percent in October.
The first property, the 62-unit Aster Park Townhomes in Aloha, Ore., is located on 2.7 acres at 18745 SW Farmington Road. It is next to another of Trion’s assets, Aster Parc Apartments, which the firm acquired for $11 million in mid-2018.
Court Parker Apartments, a 48-unit property in Beaverton, Ore., came online in 1969 and is situated at 17135 SW Heritage Court. The community is close to Tualatin Hills Nature Park and 3 miles from downtown Beaverton.
The 52-unit York Apartments is the third asset, located on 1.9 acres at 7582 SW Hunziker St. in Tigard, Ore. Major thoroughfares, including Highway 217 and Interstate 5, are a short distance from the 1954-built property, with various industrial and office hubs situated less than a mile away.