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11/12/15
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Jackson Square Properties purchased Avalon Apartments, a 225-unit, garden-style multi-housing community in Gresham, OR, an eastern suburb of Portland. The asset was sold by American Capital Group for $32.65 mil ($145k/unit), free and clear of debt.
Avalon Apartments is situated on 10.17 acres at 20300 SE Morrison Terrace, within walking distance of the Ruby Junction/E 197th Avenue MAX station, providing access to downtown Portland. The property also has easy access to vehicular arterials including NW Burnside Road and SE Stark Street, two of Portland’s primary east-west thoroughfares, as well as Interstate 84 that connects travelers to the Portland International Airport and downtown Portland.
Completed in 2003, Avalon Apartments consists of 14 residential buildings housing one- and two-bedroom units averaging 913 sf each. Community amenities include a swimming pool and spa, billiard room, clubroom, fitness center, tot lot, sport court, assigned covered parking with each home, and a select number of detached garages.
Ira Virden and Kerry Hughes of HFF represented the seller in the transaction.
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