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 arranged the sale of two transactions Willow Creek Apartments and the Lorelei Apartments, both located in Portland, Oregon.
On behalf of ARA’s Northwest, Portland based office, Ira Virden represented the sellers of both properties. The Willow Creek Apartments, an 11-unit property built in 1971, sold for $820,000 or $74,545 per unit. It was purchased by Blue Goose Properties NW LLC, a Portland, Oregon-based limited liability company.
The Lorelei Apartments, a 15 unit property in southeast Portland built in 1968, sold for $1,050,000 or $70,000 per unit and was acquired by Manifaust Destiny, LLC a locally-based limited liability company.
“Both the Willow Creek and Lorelei sales are a testament to how much private equity is out there right now. Private capital investors are looking for stable returns with income upside and properties in good locations. The Willow Creek asset presented a unique opportunity for an exchange buyer to acquire an asset in a residential setting, yet close to Washington Square Mall. The units were all over 1,000 square feet with washer and dryer hookups,” said Ira Virden.
“The Lorelei transaction was purchased by a local buyer that closed the deal all cash. The asset had been renovated by the previous owner who implemented an extensive exterior renovation of the property. The new owner is now well-positioned to implement interior renovations to further enhance value and to more effectively leverage an already very heated rental market in the southeast Portland market.”
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, Ira Virden, at ivirden@ARAusa.com or 503.575.9553.
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, distressed, affordable, seniors, student, manufactured housing, note sales 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 $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com