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2/10/15
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M&C Properties out of Salt Lake City, UT, purchased Jory Trail at the Grove, a 324-unit, Class A, garden-style multi-housing community in Wilsonville, a suburb south of Portland, Oregon. The asset was sold by a partnership between Holland Partner Group and The Carlyle Group Inc for $59 mil ($182k/unit).
Jory Trail at the Grove is situated on 21.25 acres at 8750 Southwest Ash Meadows Rd, adjacent to I-5 in Wilsonville and less than 20 miles south of downtown Portland. The property is located within the master-planned community The Grove and within walking distance of tech and manufacturing companies, including Xerox, Mentor Graphics, Fir Systems and Rockwell Collins. Completed in 2012, the 94-percent-leased property features walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa.
Ira Virden and Kerry Hughes of HFF represented the seller in the transaction. The HFF debt placement team was led by managing directors In addition, Charles Halladay, Tom Wilson, Sebastian Trujillo and Charlie Watson of HFF arranged $44.25 mil in acquisition financing for the buyer.
The fixed-rate loan was funded through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
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