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11/01/16
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Gelt Inc has acquired Powell Valley Apartment Homes, a 228-unit residential community in Gresham, OR, for $39.5 mil, or $173.2k/unit. The property, located at 1500 SW Pleasant View Dr, about 15 miles east of downtown Portland, was sold by Jackson Square Properties.
Built in 1999 and situated on 9.23 acres, the property includes 18 residential buildings as well as a newly renovated clubhouse building with a leasing office, 24-hour fitness center, conference room and internet café. Other on-site amenities include a swimming pool, year-round covered spa, an outdoor playground, a dog run, and covered garages. The property includes 38 one-bedroom units, 186 two-bedroom units, and four three-bedroom units. Each unit has a full-size washer and dryer, large deck or private patio, and exterior storage closet.
The seller recently renovated approximately 92 unit interiors with modern upgrades. In order to tap into renter demand for high-end finishes, Gelt plans to immediately embark on adding value to the asset by renovating approximately 100 additional units with vinyl plank flooring, stainless steel appliances, new fixtures, window covering, and new cabinet faces.
According to Keith Wasserman, partner with Los Angeles-based Gelt, Gresham is a strategically located Portland submarket with minimal multifamily product having been developed over the past several years, and a very limited pipeline of future development. Because of this, Gresham is experiencing some of the best rental apartment metrics in the nation as occupancy is hovering close to 100 percent.
Wasserman added: “The Portland region’s job market has grown at a strong pace in recent years. This, coupled with significant in-migration into the area has led to an increasingly high demand for apartment units.”
Gresham is located on the eastern edge of Portland, and is Oregon’s fourth largest city. With a population of more than 109,000 residents, it is the second largest city in the Portland/Vancouver region. Gresham not only benefits from a key location just 15 minutes from downtown Portland, it is also home to major corporations which employ thousands of people including Subaru, Boeing, Microchip, Xerox, U.S. Bank.
Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton of HFO Investment Real Estate represented both the buyer and seller in the transaction. The financing was arranged by Brian Eisendrath and Cameron Chalfant at CBRE.
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