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February 24, 2021
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MULTIFAMILY NEWS
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OR Res Community Trades for $191k/Unit

2/22/21

The Groves, a 201-unit, multi-housing property in Gresham, a suburb of Portland, was acquired by an affiliate of Abacus Capital Group for $38.5 mil ($191.5k/unit). The property was sold by NBP Capital.

Located at 3500 N.E. 17th St, The Groves offer a mix of one-, two- and three-bedroom floorplan options. Community amenities at the complex include a swimming pool, community lounge with a TV, fitness center, barbeque area and playground.

The property is positioned near many retail options, including Safeway, Natural Grocers and the Gresham Station Shopping Center. It is also just one mile from the MAX Blue Line light rail station, which allows regional access across the Portland MSA.

The Gresham submarket is primed for long-term growth; with the city proposing various economic initiatives to foster employment growth and stimulate housing demand.

Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets represented the seller in the transaction.

“This is another example of ample investor appetite for well-located, suburban assets with a value-add component,” Virden noted. “The Groves is an asset with tremendous growth potential, in large part due to the immediate market’s apartment fundamentals, which exhibited over 3% rent growth during COVID-19, in a sub-market with very little new supply and direct access to growing employment drivers.”





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