Rise Properties Buys Portland Community for $75M
The company landed $55 million for the acquisition and renovation of the property.
RISE Properties Trust has bought the 178-unit 10th & Hoyt for $75 million, according to Yardi Matrix data. Prometheus Real Estate Group was the seller. The new owner also secured $55 million in financing for the acquisition and renovation of the property. PCCP LLC provided the loan with a 3-year maturity period. Thrive Communities will renovate and manage the newly acquired asset.
Completed in 2004, the six-story building offers studios and one- and two-bedroom units ranging from 543 to 1,013 square feet. Some floorplans include balconies, while all units have walk-in closets and floor-to-ceiling windows. The property also includes 13,073 square feet of ground-floor retail space. Community amenities include a rooftop deck, landscaped courtyard and fitness center. A total of 157 rentable parking spaces are also available. RISE plans to rejuvenate the property by upgrading interiors, as well as on-site amenities.
A valuable Pearl District asset
Located at 925 NW Hoyt St., the community is in the city’s Pearl District, which offers plenty of shopping, entertainment and dining destinations. The asset is also situated 1 mile north of downtown Portland and 2 miles west of the Lloyd District, two of the leading employment districts. Interstate 405 has entrance ramps less than half a mile west of the property.
PPCP also recently provided $70 million for the refinancing of the 197-unit The Murray Hill, a high-rise in Manhattan.