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2/16/17
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The Portland Housing Bureau closed on a newsworthy residential buy in the city of Portland, paying $47 mil for The Ellington, a 263-unit ($179k/unit) apartment community. The asset was acquired from Guardian Real Estate Services and Broadreach Capital Partners, free and clear of existing debt.
The Ellington is situated on approximately 11 acres at 1610 NE 66th Avenue in Northeast Portland’s Madison South neighborhood. The property is adjacent to the historic Rose City Golf Course and less than a mile from the NE 60th Avenue MAX light rail station. The Ellington offers a mix of studio, one-, two- and three-bedroom townhome-style units averaging 842 sf each.
Ira Virden and Carrie Kahn with HFF represented the seller in the deal. According to Virden, the City bought the property to help address the large demand for additional affordable housing in the community.
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