Montgomery Partners Enters PNW Market with Apartment Acquisition
Montgomery Partners has completed the $9 million acquisition of Westwood Green, an eight-building, two-story garden-style apartment complex in Tigard, Oregon.
The property comprises 53 units in one of the most desirable areas in the Portland Metro. This acquisition marks the firm’s first purchase in the region, signaling a strategic expansion into one of the West Coast’s most promising markets.
Located just 20 minutes from downtown Portland, between Beaverton and Lake Oswego, Westwood Green spans 4.56 acres across eight two-story buildings. The property was acquired at $169,800 per unit, approximately one-third of replacement cost, with a projected 6.30% year-one proforma cap rate.
The value-add strategy includes renovating 45 units, bringing interiors to current market standards. Montgomery Partners will complete substantial upgrades to community amenities. The property is situated near a Whole Foods-anchored shopping center, and is in proximity to Washington Square Mall, Progress Ridge Town Square, and a variety of parks, dining options, and entertainment venues.
Other News
Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
Learn more
Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
Learn more
Virtus Buys Hamilton Retirement Residence For $26M
Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout