Another Portland Apartment Community Changes Owners
- Sep 09, 2015
By Ioana Neamt, Associate Editor
HFF is back at work in The City of Roses.
Not long after closing the $21.7 million sale of The Addison, a 147-unit multifamily asset in Vancouver, Ore., the brokerage firm has arranged another deal, this time in Wilsonville, Ore.
Working on behalf of Holland Partner Group and its finance partner, HFF closed the sale of Terrene at the Grove, a 288-unit, Class A, garden-style apartment community at 8890 SW Ash Meadows Circle in Wilsonville. The asset sold to Jackson Square Properties—the same investor who purchased The Addison last month—for $59.9 million, free and clear of existing debt. An HFF investment sales team led by Managing Director Ira Virden and Associate Director Kerry Hughes represented the seller in the deal.
Located just off the I-5, Terrene at the Grove is a two-year-old community comprised of 13 three-story buildings on a 16.18-acre site. The community is one of only three properties built in Wilsonville since 2007.
According to data from Yardi Matrix, the community consists of 288 one-, two-, three- and four-bedroom units averaging 1,012 square feet each. Amenities include 481 partially covered parking spaces, a stand-alone rental office, swimming pool, fitness center, and a resort-style clubhouse.
Image courtesy of Yardi Matrix