PORTLAND, OR - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 175-unit ArLo Apartment Community in Portland, Oregon.
The purchase marks the firm's sixth acquisition in the Portland market. The community, newly built in 2019, is in immediate proximity to Interstate 5 and North Interstate Avenue, providing access to Downtown Portland, Vancouver, WA, Portland International Airport, and major regional employers.
"ArLo provided an excellent opportunity to buy a brand-new property in a great submarket from a great developer," said David Nelson, managing director of acquisitions for Hamilton Zanze. "We believe the property's contemporary vintage, amenity package, and prime location in the inner East Side will provide our residents with the quality of life desired in Portland's urban core. We are excited about our continued growth in this region."
ArLo was 99.0% occupied at purchase. The community is located at 6015 N Interstate Ave in the desirable Northwest Portland submarket, approximately 10 minutes from Downtown Portland. The 175 units range from 367-1,100 square feet with 11 different floor plans. Community amenities include a rooftop lounge and terrace, game room, fitness center, and co-working lounge.
HZ's capital improvements plan includes installing smart rent, lock and door repair, adding a dog park, and landscaping enhancements. Additionally, management of the property has also been transitioned to HZ affiliate Mission Rock Residential.
Source: Hamilton Zanze