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2/24/23
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Glencrest Group purchased Meadowland Apartments, a 168-unit, garden-style apartment in Portland, for $26.85 mil ($160k/unit). The property, which was sold by NBP Capital, will be renamed Township Eastside by the new ownership.
Built in 1991, Township Eastside features two-bedroom/two-bathroom units with an average size of 986 sf plus in-unit laundry and a patio or balcony. The majority of the units have not been renovated. Current amenities include a clubhouse, swimming pool, playground and detached garages.
Situated at 17310 SE Naegeli Dr, Meadowland Apartments is set within the East Portland submarket of Gresham. The property is 20 minutes from Downtown Portland and less than an hour from Mt. Hood, offering residents access to the region’s largest employers and most sought-after recreational destinations. Gresham features 200 acres of parks, 840 acres of natural areas and eight miles of trails. Additionally, 4.4 msf of retail space is within a three-mile radius, including Gresham Station Shopping Center and Historic Downtown Gresham. Residents also benefit from proximity to Interstate 84, Highway 26 and Interstate 205.
Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets represented the seller in the deal. JLL’s Charles Halladay, Peter Smyslowski, Jonah Aelyon and Elijah Lax originated the 10-year, fixed-rate loan for the buyer through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo℠ lender.
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