Source: Berkshire Group / #Apartments #Multifamily
PORTLAND OR - Berkshire Group announced the purchase of Lower Burnside Lofts in Portland, Oregon. The 63-unit complex, built by Urban Asset Advisors and completed last year, was 95 percent occupied at the time of the acquisition.
Lower Burnside Lofts is a six-story mixed use building with a modest amount of retail on the first floor fully leased to a local restauranteur. Property amenities include onsite parking, a courtyard, bike room, bike and pet wash and community room on the top floor with a roof terrace.
“Lower Burnside Lofts fits well into Berkshire Group’s strategy of investing in markets where we feel there are positive growth prospects and strong fundamentals,” said Eric Schrumpf, Senior Vice President, Multifamily Acquisitions at Berkshire Group. “The property is in a great location positioned in a vibrant neighborhood close to downtown Portland. Moreover this project is located in the same submarket where Berkshire expects to close on an additional acquisition shortly, providing our organization operational scale in the vibrant Eastside and continuing with the company’s plan to target the greater Portland market for additional opportunities to further expand the portfolio.”
Lower Burnside, situated near the Willamette River and a short walk to the city center, has increasingly become a popular shopping and dining destination neighborhood in Portland.
The purchase marked the fifth multifamily property acquisition for Berkshire Group in the Greater Portland market and brings the current tally of total units under management in the area to over 600.