After purchasing three Oregon properties for $24.2 million in April, Trion Properties has acquired Pacific Crest, an apartment community in Portland’s submarket of Tigard, Ore., for $28 million. This marks the firm’s 10th investment in the area within the last three years, bringing its portfolio to 700 units. Continental Partners arranged an $18.4 million loan at a starting rate of 3.9 percent to finance the acquisition.
“We remain focused on the Portland metropolitan area due to its long-term growth and the establishment of several major employers in the region, which has gained a reputation as the ‘Silicon Forest,'” said Max Sharkansky, managing partner of Trion Properties, in a prepared statement. “Tigard in particular continues to be one of the strongest performing markets in the greater Portland area, with Washington County having the highest median household income in the state. The city’s solid economic fundamentals and high quality of life are driving resident demand for housing in this market, resulting in long-term growth potential for multifamily investments.”
Pacific Crest
Located at 10695 SW Murdock St., the pet-friendly community offers 156 studios and one-, two- and three-bedroom floorplans, ranging from 433 to 1,060 square feet. Apartment features include washer/dryer hookups, vaulted ceilings, outside storage and private balcony/patios. Residents have access to amenities such as a fitness center, a clubhouse, a swimming pool, two spas, two laundry facilities and 310 parking spaces. According to Yardi Matrix, the 1974-built Pacific Crest is currently 94.9 percent occupied as of May 2018.
The property is set to undergo value-add renovations that will include the installation of new quartz countertops, new cabinets, Kevo door locks, stainless steel appliances and vinyl flooring.
Pacific Crest is within close proximity to Pacific Highway West and the 217 Highway Corridor, as well as the Washington Square Mall and Bridgeport Village. ARA Newmark’s Vice Chairman Gail Neuburg and Associate Samuel Lawhead represented both the buyer and private seller in the deal. The property is managed by Greystar.
Image courtesy of Trion Properties
