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8/17/17
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Pathfinder Partners LLC purchased The Habitat, an 85-unit community in the Portland, OR area, for $15 mil ($176.5k/unit). Built in 1978, the property is located at 5745 SW Oleson Rd, within the affluent Raleigh Hills neighborhood.
The community is situated on 4.8 acres and encompasses 12 residential buildings consisting of 19 duplex-style cottages (all two-bedroom/one-bathroom units) and 66 garden-style apartments (one studio, 31 one-bedroom/one-bathroom and 34 two-bedroom/one-bathroom units) averaging 789 sf in size. The complex also includes a pool, fitness center, laundry room and large private pond.
San Diego-based Pathfinder plans to complete interior unit renovations and implement common area improvements to the property. These include adding carports, a dog park with dog wash station and BBQ area, along with making exterior improvements to the “pond-view” units.”
According to Lorne Polger, senior managing director of Pathfinder Partners, “We were attracted to the community’s unique, park-like, tranquil setting. The property is also conveniently located a few miles from downtown and in close proximity to Beaverton and Hillsboro, which are home to Intel, Nike and Columbia Sportswear.
The transaction was brokered in part by Cody Hagerman and Greg Fink of Portland-based HFO Investment Real Estate.
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