The Praedium Group Bets on Portland Multifamily
- Feb 05, 2016
Portland, Ore.—The Praedium Group, a New York City-based real estate investor focusing on middle-market, underperforming and undervalued assets throughout the United States has acquired a 112-unit apartment community in Portland.
Located at 16320 NW Canton St. in Washington County, Springville Oaks is a Class A, garden-style apartment community delivered in 2015 and managed by Greystar. Units feature 9-foot ceilings, air conditioning systems, washers and dryers, fully equipped kitchens, stainless steel appliances and/or a patio or balcony. Community amenities include 240 covered parking spaces, controlled access and on-site management.
Conveniently situated within the Beaverton School District in Portland’s Rockcreek submarket, Springville Oaks provides easy access to a plethora of shopping, dining and entertainment destinations, such as the Greenspace walking/running trail, the Claremont Golf Club, Bethany Village Center and Tanasbourne Town Center. The seven-building community is also in close proximity to Intel Corp.’s $6 billion expansion—the largest capital project in state history—and the $150 million expansion of Nike’s global headquarters.
“As one of the area’s newest residential communities, Springville Oaks is in the ideal position to benefit from residents looking for top-quality homes and amenities in one of the nation’s strongest rental markets,” Asim Hamid of The Praedium Group said in a statement.
Riding broad-based job growth and a surging population, Portland’s robust multifamily market is highly appealing to both local and out-of-state investors. The metro is leading the nation in terms of rent growth, as rent appreciation has topped the 14 percent mark at the beginning of the year, according to Yardi Matrix’s latest monthly report.
Image courtesy of Yardi Matrix