PORTLAND, OR - Berkshire Group announced the purchase of Cook Street Apartments in Portland, Oregon, from Seattle-based developer, Lake Union Partners. The 206-unit, Class A apartment community located in the Williams District of urban Portland will be managed by Berkshire Communities, the property management division of Berkshire Group.
This transaction represents Berkshire Group’s second multifamily investment in urban Portland in 2016 following the Lower Burnside Lofts acquisition in February.
“In purchasing Cook Street Apartments, Berkshire is continuing its strategy of investing in quality properties in key markets,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “Urban Portland and the North Williams submarket offer a rich quality of life for residents drawn to the bustling restaurant, retail and nightlife scene in the immediate neighborhood in close proximity to the heart of downtown Portland.”
Cook Street Apartments amenities include a roof-top deck, yoga studio, fitness center, library, bike storage/repair studio, and a top floor resident lounge with a demonstration kitchen. The roof deck includes a sizable trellis, multiple fire pits, and two barbeques. Units feature stainless steel kitchen appliances, hard surface countertops, and washer/dryers. The property is located adjacent to the high-end, locally-based New Seasons Market that serves as the neighborhood’s anchor grocery store.
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Berkshire Group had approximately $6.2 billion in real estate assets under management.