California-Based Company Purchases Portland Apartments for $31M
California-based Laurel Property Group has purchased the Grant Park Village Quimby apartment property in Portland, Oregon, for $30.7 million, or $183,832 per unit.
The complex at 1580 N.E. 32nd Ave. in the Grant Park neighborhood has 167 studio, one- and two-bedroom apartments. The apartment community also has a fitness center, resident lounge, pet spa and outdoor courtyard. It was built in 2018. CBRE’s Joe Nydahl and Josh McDonald represented both Laurel Property Group and the seller, Capstone Partners and PCCP, in the transaction, reported the Portland Business Journal.
“Grant Park Village Quimby represents exactly the type of institutional‑quality, transit‑oriented asset that investors are seeking in today’s market,” said Joe Nydahl, executive vice president at CBRE. Completed in 2018, the mid‑rise community features modern unit finishes and a range of resident amenities, including a fitness center, resident lounge, outdoor courtyard and pet spa.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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