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2/06/17
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Corbett Heights, a 48-unit apartment property in Portland, OR, sold for $15 mil, or $312.5k/unit. Built in 2016, the six-story asset is located at 3916 SW Corbett Ave, in the heart of southwest Portland, close to South Waterfront, OHSU’s campuses, and is minutes from downtown Portland.
The project was designed with high-end modern finishes and amenities throughout its studio, one-bedroom, and two-bedroom units. Each unit offers sweeping panoramic views of the city skyline, Mt. Hood, and the Willamette River.
Corbett Heights is certified Earth Advantage Gold. It was built by Hoffman Construction and is currently managed by Pinnacle, who will continue to provide management for the new owner. The building was 98% occupied at the time of sale.
A private investment group based in Santa Clara, CA purchased the asset from the Newman Development Group, headquartered in New York. The Kidder Mathews multifamily commercial real estate brokers,
Jordan Carter, Clay Newton, and Tyler Linn with Kidder Mathews represented both side in this transaction.
“Corbett Heights provides high-end housing in a sub-market that has traditionally had low supply and a lot of demand,” noted Linn. “The property blends well in the historic Lair Hill neighborhood, and its close proximity to downtown Portland and some of the area’s largest employers will be a huge draw for years to come. It illustrates the confidence that out of state buyers continue to have in the long-term prospects of this market.”
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