Multi-Family Sale Is Portland's Second Largest In 2005
10 Oct, 2005, Portland, OR
262-Unit Apartment Property Sells to Utah Investor Group
Cushman & Wakefield announced today the sale of the Scott Mountain by the Brook Apartments to Cottonwood Capital, a real estate investment and asset management company located in Salt Lake City, Utah. The purchase price for 262- unit was $22,750,000, which equates to $86,832 per unit, is the second highest price for a multi-family complex in the Portland area this year. This purchase marks Cottonwood Capital's first multi-family property in the Oregon real estate investment market.
Greg Laycock of Cushman & Wakefield of Washington and Gary Griff of Cushman & Wakefield of Oregon represented both parties in the transaction.
"The apartment community's high-quality construction, unique architecture and excellent location in an affluent neighborhood make Scott Mountain by the Brook a prized rental growth opportunity," said Laycock, Senior Director of Multifamily Investment Sales for Cushman & Wakefield of Washington.
The units range in size from 695 square feet to 1095 square feet, with rents between $600 and $900. The complex was built in 1997 on 14.35 acres at 7828 SE Aspen Summit Drive, adjacent to Clackamas. With an occupancy rate of 95%, the property will continue to be managed by HSC Real Estate, who was retained back in April 2005 by the seller, Scott Mountain Apartments, LLC.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.