$18.5 Million Suburban Portland Multifamily Asset Sold by IPA
Nov 03, 2016

WILSONVILLE, Ore., Nov. 3, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Town Center Park, a 111-unit boutique apartment community in Wilsonville, Oregon. The $18.5 million sales price equates to nearly $167,000 per unit.

“The acquisition provides new ownership with a premier opportunity to execute a full asset renovation program from the common areas to unit interiors,” says Elizabeth K. Davis, IPA director. “The strategy is supported by the growing Wilsonville submarket, which features excellent demographics and is poised to become the place to live for professionals looking for more reasonable rates than those offered in Portland’s urban core.”

Davis represented the seller, Towncenter Park Associates LLC, and procured the buyer, Curtis Capital Group.

Built in 1990, the property is located at 29250 SW Parkway Court in Wilsonville, which is a 30-minute commute from major employment centers in Portland, Clackamas and Salem. Access to interstates 5 and 205 is nearby, as are the Bridgeport Village shopping center, Lamb’s Natural Choice Market, and Costco.

Situated within a wooded setting, Town Center Park is a pet-friendly community with a fitness center, sauna, swimming pool and spa. Apartments feature open floor plans, large windows, and full-size washers and dryers.