Hillsboro, Ore.—Greystar Real Estate Partners has purchased Seneca Village Apartments from an institutional client of Invesco Real Estate. The 264-unit Class A community is located in Hillsboro, Ore. HFF marketed the sale on behalf of the seller. The sales price was not disclosed.
“The ability to buy late 1990s construction with 9-foot ceilings and close proximity to high-paying tech jobs is extremely rare in Portland,” says Ira Virden, director at HFF. “Seneca Village will benefit from the new construction in Orenco Station, and by implementing a value-add business plan, it will continue to be an extremely strong performer.” Virden worked with associated director Kerry Hughes on the transaction.
Seneca Village features 12 apartment buildings with 156 one-bedroom units, 100 two-bedroom units and eight three-bedroom units all situated on 11.8 acres. It is located 15 miles west of downtown Portland in what is known as the ‘Silicon Forest’ due to the area’s proximity to tech companies Intel, Sales Force, TriQuint, Geetch and Oracle.
NorthMarq finalizes $13M bridge loan for Manhattan High Line condo project
New York—Joseph DeRosa, vice president and Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York City office arranged bridge financing in the amount of $13 million for 550 West 29th Street, a 12- story, 63,000 sq.ft. residential condominium development located in the West Chelsea area of Manhattan.
The transaction was structured as an interest-only loan carrying a term of two years. NorthMarq arranged the deal for the borrower, which is a joint venture between High Line Development Group LLC and Tamarkin Co.
“This development is situated a stone’s throw away from the popular High Line Park and will have unobstructed views of the Hudson River,” says DeRosa.
Smith Equities arranges two student housing sales
Tampa, Fla.—Smith Equities Real Estate Investment Advisors has arranged the sale of two purpose-built Tampa student housing assets serving the University of South Florida. Paul Guyet and Geoff Harlan teamed up to work with two different sellers to secure one buyer for both communities.
“Since no new student housing communities were built this part year and enrollment was up, the off-campus market was very active this past leasing cycle,” says Guyet. “In addition, a major business publication just reported that USF intends to double its student body, which will fuel more investment in the market.”
The properties sold include:
- Campus Club, a 2005-built asset with 64 units and 256 bedrooms. The property is located on East Fletcher and features all four bedroom, four-and-a-half bath units. It sold for $10.5 million.
- College Court, a 2004-built community with 92 units and 356 beds. Located on North 56th Street, the asset sold for $11.8 million.
Both gated communities have resort-style pools. This is the second time that Smith Equities has sold College Court, having sold it originally to Harrison Street in 2008.