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December 15, 2018
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OR Apartment Community Trades in $10.6 Mil Deal


The Reserve at Ashbrook, a 43-unit apartment community in Tigard, OR, was purchased by Chicago-based Back Nine Acquisitions for $10.65 mil, or $248k/unit. The property is located at 9378 SW Mandamus Court, adjacent to Hwy 217 about 12 miles southwest of downtown Portland.

The Reserve at Ashbrook was built in two phases, with phase one finished in 2009 and phase two, in 2012. The townhome-style design really separates the community from its competition. The homes offer a mix of one- and two-bedroom options featuring attached direct-access garages, dog area, washer and dryers, granite countertops and stainless steel appliances. Ground floor homes include private fenced yards.

Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment team represented the seller, Mach 1 GE-Ashbrook LLC.

“The Reserve at Ashbrook presents a rare opportunity to own an institutional-grade property in the expanding Tigard submarket of Washington County,” commented Oester. “The townhome style apartments with attached garages in the market today are highly sought-after from investors due to scarcity within the marketplace.”

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