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May 20, 2024
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Purchase of Adjacent OR Multifamily Complexes Financed with $50 Mil in Loans


An unnamed private investor acquired two adjacent, recently completed multifamily complexes totaling 215 units in Oregon. The transaction was financed with $50.5 mil of permanent financing arranged by Gantry.

The properties, Lakemont Ridge Apartments and Abbey Creek Apartment Homes, are located at the intersection of NW 159th Ave and NW Lakemont St in an unincorporated community of Bethany, in the greater Portland MSA. They both feature one-, two- and three-bedroom floor plans, Class A finishes with modern appliances including in-unit laundry, large format windows with scenic views, carports and garages, and amenities including a clubhouse and a seasonal swimming pool.

Gantry’s Demetri Koston, Blake Hering and Heather Kegler secured the concurrent seven-year, fixed-rate loans. They were funded through a regional bank serving the Pacific Coast states and Hawaii, with terms featuring substantial interest-only periods transitioning to 30-year amortization.

According to Koston, “Both of these recently completed complexes will benefit from the ownership of a single, experienced sponsor that is taking control of long-term ownership now that construction is complete and both properties are moving towards full stabilization.”

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