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6/07/16
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Miller Baker LP recently purchased Springwater Court Townhomes, a 32-unit townhome community in Portland. The property was sold by Pathfinder Partners LLC for $5.8 mil ($182k/unit).
Springwater Court is located at 5906 SE 122nd St, east of I-205 and south of Hwy 26. The property consists of 15 three-bedroom/three-bathroom and 17 four bedroom/two-bathroom detached townhomes with an average unit size of 1.4k sf.
Pathfinder purchased the townhome community, constructed in 2009, from the real-estate owned (REO) department of the original construction lender in August 2013. Springwater Court was being operated as a rental community at the time of the acquisition, and Pathfinder continued to lease the homes throughout their ownership.
According to Lorne Polger, senior managing director of Pathfinder Partners, the property was newly constructed and had very good “bones,” but had been neglected during the lender’s foreclosure process. Pathfinder completed $100,000 in capital improvements including new monument signage, installation of a new irrigation system, several landscaping upgrades, exterior painting, installation of a new trash enclosure and implementation of new, cost-effective waste collection system.
“Portland has always been a great market for us and we look forward to expanding our presence here,” Polger said. “Rents in this region have been increasing at an average annual rate of 6% since 2013, and vacancy is at an all-time low. New housing has not kept pace with population growth, so the outlook here continues to be good.”
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