PORTLAND, OR - Expanding its Portland, Oregon-area multifamily portfolio, San Diego-based Pathfinder Partners, LLC has acquired The Habitat, an 85-unit community at 5745 SW Oleson Rd. The property was purchased for $15 million from an undisclosed seller.
Built in 1978, The Habitat is located in southwest Portland within the affluent Raleigh Hills neighborhood. The community is situated on 4.8 acres and encompasses 12 residential buildings consisting of 19 duplex-style cottages (all two-bedroom/one-bathroom units) and 66 garden-style apartments (one studio, 31 one-bedroom/one-bathroom and 34 two-bedroom/one-bathroom units) averaging 789 square feet. The complex also includes a pool, fitness center, laundry room and large private pond.
According to Lorne Polger, senior managing director of Pathfinder Partners, “We were attracted to the community’s unique, park-like, tranquil setting. The property is also conveniently located a few miles from downtown and in close proximity to Beaverton and Hillsboro, which are home to Intel, Nike and Columbia Sportswear. Our plan is to complete interior unit renovations, implement common area improvements by adding carports, a dog park with dog wash station, BBQ area and exterior improvements to the “pond-view” units.”
Polger added that Portland continues to be an attractive market for Pathfinder. “The Portland metro area is one of the strongest apartment markets in the nation and continues to experience strong year-over-year rental growth with consistently tight vacancies,” he said.
Pathfinder has been active in Portland with six acquisitions (including The Habitat) and three dispositions since 2010, among them Red Tail Canyon Townhomes, a 73-unit multifamily community acquired in 2015 and Springwater Court Townhomes, a 32-unit multifamily community, which Pathfinder sold in September 2016.
The transaction was brokered by Cody Hagerman and Greg Fink of Portland-based HFO Investment Real Estate.