Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Meadows at Heron Creek, a 178-unit garden-style apartment asset built in 2012 near Amberglen Business Park in Hillsboro, Oregon. The purchase price was $48.2 million or $270,786 per unit.
“Multifamily investors continue to show interest in the multifamily suburban product type in Portland, especially in business-friendly Washington County, where strong job growth and wages are bolstered by the ongoing expansions of Intel and Nike,” said Anthony Palladino of IPA. “The low-density construction, ample parking, adjacent greenbelt, transit accessibility, and strong school district all contribute to the desirability of the investment.”
Palladino, Giovanni Napoli, and Philip Assouad facilitated the transaction between the seller, Shelter Holdings, and the buyer RISE Properties Trust (RISE). RISE is a Canadian real estate investment trust with offices in Vancouver, British Columbia and Seattle, Washington.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com