The Calida Group Buys Portland-Area Community
- Jun 15, 2021
Autumn Grove, a 148-unit multifamily property in Vancouver, Wash., has changed hands. Institutional Property Advisors brokered the sale on behalf of the buyer, The Calida Group. The community marks the company’s first purchase in the Portland metro area.
Constructed in three phases and completed in the spring of 2021, the rental building is located at 8778 NE 54th St. and features one- and two-bedroom units. Community amenities encompass a fitness center, clubhouse, swimming pool and spa.
The newly built Autumn Grove is in the vicinity of the Vancouver Mall, and is easily accessible from Interstates 5 and 205.
In 2020, Romano Capital Debt Funds originated a $20.5 million construction financing for the property, which was 86 percent leased at the time of the transaction. The IPA sales team included Executive Directors Giovanni Napoli and Philip Assouad, First Vice President of Investments Ryan Dinius and Sidney Warsinske along with Anthony Palladino, vice president of investments.
The sale is an example of the post-pandemic influx of capital coming into Vancouver and other markets in the area, Palladino said in prepared remarks. Investors interested in the Pacific Northwest prefer recently finalized assets over building new ones due to relatively lower acquisition costs versus new construction.
According to a recent Yardi Matrix report, Portland had 9,105 units under construction at the end of last year, with 75 percent of that geared towards high-income residents. While construction kickoffs were almost halved last year compared to 2019, the 2,841 units developers broke ground on were still considerably above 2017 and 2018 levels.