Prime Group Buys 309-Unit Portland Property
- Aug 14, 2019
Heitman has sold The Frank Estate, a 309-unit in Portland, Ore., to the Prime Group, Yardi Matrix data shows. The sale was financed through a $63.7 million Freddie Mac loan originated by Newmark Knight Frank, set to mature in 2031. The asset last traded in 2007 for $44.5 million from Invesco Real Estate.
Located at 7510 S.W. Aloma Way adjacent to the Portland Golf Club, the asset is roughly 7 miles southwest from downtown Portland and close to several restaurants and retail options. Completed in 1984 on a 7.3-acre site, the community consists of one-, two- and three-bedroom apartments in 47 two-story buildings. Floorplans range from 750 to 1,368 square feet. Common-area amenities include a fitness center, business center, pool and clubhouse. As of June, the property was 90.9 percent occupied, per Yardi Matrix information.
Recently, Heitman originated a $48 million refinancing package for The Millennium Music Row. The 230-unit Class A community came online last summer.