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6/21/16
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Springwater Court Townhomes, a 32-unit townhome community in Portland, was acquired by Miller Baker LP, a California limited partnership, for $5.8 mil ($181k/unit). Built in 2009, the complex is located at 5906 SE 122nd St.
The property was sold by San Diego-based Pathfinder Partners LLC, who acquired the asset from the real-estate owned (REO) department of the original construction lender in August 2013. Springwater Court was being operated as a rental community at the time of the acquisition, and Pathfinder continued to lease the homes throughout their ownership.
According to Lorne Polger, senior managing director of Pathfinder Partners, the property – which consists of 15 three-bedroom/three-bathroom and 17 four bedroom/two-bathroom 1.4k sf detached townhomes – was newly constructed and had very good “bones,” but had been neglected during the lender’s foreclosure process. Pathfinder completed $100k in capital improvements including new monument signage, installation of a new irrigation system, several landscaping upgrades, exterior painting, installation of a new trash enclosure and implementation of new, cost-effective waste collection system.
“Rents in this region have been increasing at an average annual rate of 6% since 2013, and vacancy is at an all-time low. New housing has not kept pace with population growth, so the outlook here continues to be good,” Polger pointed out.
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