TODAY’S DEALS: Harbour Realty Partners Sells Oregon Asset
ARA brokers a 278-unit sale just outside Portland, Ore.; and HFF arranges financing for a mixed-use development that will serve as a focal point at The College of New Jersey.
Gresham, Ore.—Harbour Apartment Opportunity Fund I, a fund sponsored by Harbour Realty Partners, has sold a 278-unit community in Gresham, Ore., known as Vista@23. The buyer was Bridge Investment Group Partners (Bridge-IGP), an SEC registered investment advisory firm. ARA brokered the sale. The price was undisclosed, but the asset was 98.2 percent occupied at the time of transaction.
Harbour picked up the property back in 2011 and remodeled amenities and units as they turned over. Vista@23 was originally built in 1990. Bridge-IGP has plans for additional improvements.
Gail Neubrug and Elizabeth Davis of ARA’s Pacific Northwest team represented Harbour in the sale.
“This is a quality value-add property which has been exceptionally well-managed,” Neuburg says. “The acquisition bolsters Bridge-IGP’s growing portfolio of assets located in the Seattle and Portland markets.”
Gresham is located in Multnomah County, which is home to many of Portland’s largest employers and more than 8 million square feet of office space.
Mixed-use TCNJ project lands $52.5M
Ewing Township, N.J.—The PRC Group has landed a $52.5 million construction loan through HFF for the development of Campus Town, a 446-bed, 130-unit student housing project that will serve The College of New Jersey in Ewing Township, N.J. The 36-month loan was provided by a syndication of banks led by M&T Bank that also included The Provident Bank and Columbia Bank.
The asset will be situated on 12.5 acres at the main entrance of The College of New Jersey between Pennington Road and Metzger Drive. Campus Town is due for completion in mid-2015. The development will consist of seven buildings that will include more than 80,000 square feet of ground floor retail and 503 parking spaces. A full-service college bookstore operated by Barnes & Noble and the college’s new fitness and activity center will occupy approximately 26,500 square feet of the retail space. Additionally, a bell tower surrounded by an open plaza will serve as a focal point for both the project and the campus.
