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8/29/14
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In a sizable Portland area multifamily buy, an affiliate of The Randall Group Inc has acquired The Landing Apartments and Townhomes for $52.5 mil. Located at 19901 Coast Redwood Ave in Oregon City, OR, The Landing is comprised of 185 townhomes and 117 luxury apartments, situated on 14 acres.
The apartment unit mix at The Landing includes spacious studio, one-, and two-bedroom homes with nine-foot ceilings. The townhomes feature three- and four-bedroom layouts with direct-entry single and double garages.
Construction on The Landing was completed in 2013. As the newest building in its submarket, lease up pace was brisk. The property was 96% occupied at the time of sale. CTL Management will provide property management services.
Graham Taylor and Carrie Houck of CBRE’s Investment Properties, Multifamily, team in Portland represented the seller, VergePointe Capital and a prominent local homebuilder. Jim Rice and Nick Santangelo of CBRE’s Debt & Structured Finance team placed $38.6 mil in acquisition financing on behalf of the buyer. Matt Vance and Scott Roberts managed the investment in The Landing for VergePointe Capital.
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