Multifamily Asset Changes Hands in Portland Metro

A 147-unit apartment community in Greater Portland has recently changed owners.

By Ioana Neamt, Associate Editor

The Addison – 7531 NE 18th St

A 147-unit apartment community in Greater Portland recently changed owners.

Jackson Square Properties of San Francisco shelled out $21.75 million for The Addison, a garden-style multifamily community in Vancouver, Wash. in a deal arranged by HFF.

The broker marketed the property on behalf of California-based JB Matteson through an investment sales team led by Managing Director Ira Virden and Associate Director Kerry Hughes. Jackson Square acquired the asset free and clear of existing debt. HFF previously secured a fixed-rate CMBS loan for the property on behalf of JB Matteson in 2011.

Located at 7531 NE 18th St. roughly 14 miles of downtown Portland, The Addison was completed in 2009 and features one-, two- and three-bedroom units which are currently 99 percent occupied. The community is situated in the Portland-Vancouver metropolitan area, the 24th largest in the U.S.

Amenities include a 24-hour fitness center, barbecue and picnic area, detached garages, and carports. The property also provides access to public transportation and the I-205.

Image courtesy of Yardi Matrix