Berkshire Group Cashes in with Portland Sale
- Jan 12, 2015
Portland, Ore.—ARA has closed the sale of 2121 Belmont, a 123-unit community located in Portland, Ore. ARA Portland-based principal, Gail Neuburg, represented the seller, an affiliate of Berkshire Group, a real estate investment management company headquartered in Boston. The asset was acquired by an institutional investment manager for an undisclosed amount and was 98 percent occupied at the time of sale.
“There was an incredible amount of interest in this property, notably from investors who would not have considered Portland as a place to invest in past years,” Neuburg says. “With nation-leading rent and job growth numbers and a limited number of high-quality assets like 2121 Belmont, Portland will continue to see increased attention from multifamily investors.”
The class A, concrete-frame building was originally constructed in 2007 to be sold as condominiums. Amenities include private patios or balconies, private storage, fitness room, a controlled access entry system, secure bicycle storage and reserved, in-building garage parking.
GoldOller nabs 843 units in Houston
Houston—GoldOller Real Estate Investments announced its acquisition of the Trails at Dominion Park, an 843 unit luxury garden apartment community in Houston, for $52.5 million.
The asset, built in 1994, is a fully gated community, located on 50 acres in North Houston along the I-45 corridor. Amenities include five pools, heated spas, a fitness center, tennis courts, sand volleyball and a dog park. The property offers one-, two- and three-bedroom apartments, with washer/dryer connections, balconies, patios and vaulted ceilings.
“Now that we are here, we intend to continue our expansion in Texas as part of our growth strategy in 2015,” says Richard Oller, chairman of GoldOller. “The Trails at Dominion Park rings all the bells of what we look for in an acquisition. It is a beautiful property, priced right, 95 percent occupied and in the path of Houston’s growing employment centers. We are thrilled to be part of the Houston growth story and very excited to bring our unique GoldOller management experience to the residents of the Trails at Dominion Park.”
With the acquisition of the Trails at Dominion Park, GoldOller has increased its owned and operated portfolio to about 11,000 units and its operational footprint to include 15 states.
GFI Realty arranges sale of walk-up for $250,000 Per Unit
New York—GFI Realty Services Inc. announced the sale 17-31 Linden Street, a three-story walk up apartment building located in the Ridgewood section of Queens for $1.5 million, or $250,000 per unit. The 1930’s constructed multifamily property consists of six apartments, four of which were delivered vacant.
Alexandra Rossland of GFI Realty Services Inc. represented the seller and Gavin Bolsom, also of GFI, represented the buyer. Both the buyer and seller are local investors.
“The property benefits from the high demand on the area and the seller decided to capitalize on this opportunity,” Rossland says.
“The buyer viewed this property as a great addition to his portfolio and recognized the tremendous value in four of the units being delivered vacant,” Bolsom says. “He intends to maximize this upside potential.”
The property is located in close proximity to mass transportation and major commercial corridors including Broadway and Myrtle Avenue.