PORTLAND, OR - Commercial real estate investment firm SENTRE has acquired a 64,000 square foot residential and retail mixed-use property in Portland’s Southeast neighborhood for $28,750,000 or $250,000 per unit net of retail. The firm plans to invest $1 million in contemporary interior and exterior renovations and rebrand the 93-residential units over retail property as Anthology on Division.
“Southeast Portland is a vibrant, growing neighborhood and the epicenter of the City’s culinary scene,” said Doug Arthur, President and CEO of SENTRE. “SENTRE looks forward to investing in the neighborhood by creating an authentic live, work and play environment at Anthology on Division for the new generation of professionals settling in the area.”
Completed in 2014 and LEED Platinum Certified, the property is a collection of three buildings located at 3330, 3339 and 3360 SE Division Street. At its ground level, nine tenants encompass 12,350 square feet of retail space and include several of Portland’s most well-known food establishments including Salt & Straw and St. Honoré Boulangerie.
SENTRE’s renovation plans include a comprehensive rebrand intended to strengthen continuity between the three buildings, lobby and signage enhancements, upgraded interior apartment finishes, enhanced technology and efforts to further the connection between residents and retail tenants.
The acquisition of this property marks SENTRE’s second entry into the Pacific Northwest market, following last year’s acquisition of The Thornton. Since 2011, SENTRE has acquired, sold and/or developed more than $200 million in assets under the “SENTRE Living” brand, which primarily focuses on acquiring highly amenitized properties in the most desirable urban locations throughout the Western United States. To learn more, visit www.sentre.com.