Source: Greystar / #Apartments #Multifamily
PORTLAND, OR - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the 273-unit Indigo at Twelve West on behalf of its real estate funds. The asset, located at 430 SW 13th Avenue in Portland, Ore., is one of the premier multifamily mixed-use assets in Portland and represents a compelling opportunity for the company to acquire a best-in-class, highly amenitized mixed-use multifamily asset in the city’s affluent West End submarket.
“The acquisition of Indigo at Twelve West complements Greystar’s strategy of acquiring high-quality assets where we can add value through operational improvements and renovation upside in highly desirable submarkets like the West End, which is Portland’s most sought-after urban neighborhood,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We were able to purchase this property at a discount to replacement cost, and we believe our plan to reduce controllable expenses and refresh the interiors will allow us to maximize the property’s tremendous potential and capitalize on what we expect will be a supply shortfall in the area through 2020.”
Completed in 2009 to the LEED Platinum standard, Indigo at Twelve West consists of 273 residential apartments as well as approximately 86,000 square feet of creative office space and a 10,000-square-foot retail component, both of which are fully leased. The Class-A property boasts an all-glass façade with floor-to-ceiling windows, 10- to 12-foot ceilings, gas appliances and unparalleled views. The property was built to condo specifications and features an unrivaled suite of amenities.
As the nation’s largest apartment operator with 435,000 units under management, Greystar currently owns approximately 610 units in the Portland area and manages 13,700 more in Oregon. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Portland area.