 |
| Pacific Crest Apartments, Tigard, OR |
TIGARD, OR -- Trion Properties, a
private equity real estate firm that specializes in value-add multifamily
investments in four niche markets along the west coast, has acquired Pacific
Crest Apartments, a 156-unit multifamily community in the Portland
submarket of Tigard, Oregon, for $28 million.
 |
| Max Sharkansky |
“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,’” says Sharkansky.
“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.”
 |
| Mitch Paskover |
Pacific Crest
Apartments, which was originally build in 1974, is located at 10695 SW Murdock
Street in Tigard, Oregon. It is situated adjacent to Maple Tree Apartments, a
multifamily community that Trion Properties acquired earlier this year.
The community
was purchased from a private seller. Gail Neuburg and Samuel Lawhead of
ARA Newmark represented both parties in this transaction. Continental Partners
arranged a $18.368 million loan at a starting rate of 3.89% to finance the
acquisition.
The principals of Trion Properties are Max Sharkansky and
Mitch Paskover, two real estate professionals with over 30 years of combined
experience in finance, acquisitions, management and redevelopment.
 |
| Gail Neuburg |
The asset is
ideally-located to offer those employed by major area firms including Nike,
Intel, Kaiser Permanente, and businesses located in the Tigard Industrial
District, the ease of convenient work commutes through its close proximity to
Pacific Highway West and 217 Highway Corridor, notes Sharkansky.
“Pacific Crest
Apartments is an excellent addition to our portfolio of Portland-area assets
that are strategically positioned along the 217 Highway,” he continues.
The apartment community
is also located in the Tigard-Tualatin School District, which recently
received $291 million in additional funding to
further advance classroom textbooks and technology, increase classroom
availability, and significantly
 |
| Sam Lawhead |
For
more information, please contact:
Elisabeth Manville / Lindsay Mackay
Brower Group
(949) 955-7940
No comments:
Post a Comment