PORTLAND, OR - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of River Place Square, a 290-unit, class “A” community located in Portland, Oregon.
On behalf of ARA’s Portland-based office, Gail Neuburg exclusively represented the seller, Prudential Real Estate Investors, a leading global real estate investment advisory and services firm, in the transaction. The buyer, Colorado-headquartered Cardinal Group Investments, is one of the nation’s fastest growing investment sponsors, focusing on value-added student housing and mixed-use urban-infill communities.
This is the first time the property has been offered for sale and also marks Cardinal’s entrance in to the Portland market.
“We created a win-win for the investors of this property -- the sellers and the buyers," said Gail Neuburg. "Our office has excelled in attracting out-of-market institutional buyers to Portland by effectively telling the story of the city and the investment climate. Bringing new investment capital to a property, usually with a new strategic plan for a property, enhances the development of the city and the living experience for the residents."
Built in two phases in 1991 and 1995, River Place Square is an institutional quality, mid-rise apartment and townhome community which includes 16,144 sq. ft. of retail space and a 302- stall public parking garage. The multi-level townhome units and attached garages are a unique attribute not found in any other downtown Portland rental property. Lil’ Cooperstown Bar & Grill, a locally owned restaurant and sports pub most recently opened in 7,030 sq. ft. of the retail space. The property is located on Portland’s downtown waterfront, offering residents spectacular views and walking access to the city’s cultural, shopping and restaurant hub.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Gail Neuburg, at gneuburg@ARAusa.com or 503-575-9550.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student& manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com