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9/09/15
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Jackson Square Properties acquired Terrene at the Grove, a 288-unit, Class A, garden-style apartment community in Wilsonville, OR. The property was purchased for $59.5 mil ($206.6k/unit), free and clear of debt. The asset was sold by Holland Partner Group and its finance partner.
Completed in 2013, Terrene at the Grove has 13 residential buildings with units that average 1k sf in size. Community amenities include a saltwater swimming pool, fitness center and resort-style clubhouse.
The property is situated at 8890 SW Ash Meadows Circle just off Interstate 5 in the rapidly growing Portland suburb of Wilsonville. Terrene at the Grove is Wilsonville’s newest apartment community and one of only three properties built in the city since 2007.
The buyer also recently acquired The Addison, a 147-unit apartment community in Vancouver, Washington, through a sale brokered by HFF. Ira Virden and Kerry Hughes of HFF represented the seller in the transaction.
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