Romano Capital Sells Portland Asset for $31M
HFO Investment Real Estate brokered the transaction.
Romano Capital has sold Westridge Lofts, a 100-unit luxury multifamily community in Camas, Wash., near Portland, Ore. A private investor purchased the property for $31 million. HFO Investment Real Estate brokered the transaction on behalf of the seller.
Completed in 2021, Westridge Lofts is located on a 3-acre site and incorporates studios, one- and two-bedroom floorplans ranging between 483 and 921 square feet. The community offers a fitness center, a business center, a dog park, complimentary coffee bar, assigned resident parking and garage parking, on-site management, package lockers, 24-hour emergency maintenance and controlled access. Unit amenities include washers and dryers, walk-in closets, stainless steel appliances and patios or balconies.
The community is located at 2311 S.E. 192nd Ave. in Camas, a thriving suburb of Portland. Westridge Lofts is close to the intersection of Interstate 205 and Route 14, which provide easy access to the Portland Metropolitan Area. Several dining options, retail centers and entertainment venues are in the property’s proximity.
Despite the overall slowdown, Portland’s multifamily sector remained relatively healthy in 2022, with annual rent growth at a sound 7.2 percent. Last year, developers delivered almost 5,000 units, while an additional 11,628 apartments were underway going into 2023, according to a Yardi Matrix report.