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June 15, 2024
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FPA Multifamily Picks Up OR Res Asset at $204k/Unit


FPA Multifamily purchased Fox Meadows, a 95-unit multifamily community located in the Portland submarket of Tualatin, OR, for $19.35 mil, or $204k per unit. The property, located at 19605 SW Boones Ferry Rd, was sold by Trion Properties.

Built in 1968, Fox Meadows comprises two adjacent properties that Trion combined and managed as one property upon acquisition in 2020. Located less than a mile from Downtown Tualatin, Tualatin WES Metro Station, Tualatin Community Park, and Nyberg Rivers Shopping Center, the community is conveniently situated in a highly regarded school district, close to transportation, employment centers, state-of-the-art medical facilities, and daily-needs retail.

Offering a healthy mix of floorplans, Fox Meadows features patios and decks on some units as well as townhouse-style units, and common amenities including a swimming pool, laundry facilities, and ample parking and storage.

“Fox Meadows is situated in an exceptional location in Tualatin, an affluent submarket where homeownership has become increasingly less affordable and the decline of housing affordability is more extreme than in Washington County overall,” says Farhan Mahmood, Partner and Head of West Coast Acquisitions at Trion Properties. “Along with its strong cash flow, these features made the property extremely attractive to us initially and positions the buyer for ongoing strong returns.”

Tyler Linn, Jordan Carter, and Clay Newton of Kidder Mathews represented both parties in the transaction.

Trion has owned and managed 22 properties in the Greater Portland area since 2015 and presently owns 13 assets in this region. With job growth in the metro at 5.3% during Q3 2022, outpacing the national figure of 3.8%, the market is on an upward trajectory that bodes well for the multifamily sector in the foreseeable future, notes Max Sharkansky, Managing Partner of Trion Properties.

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