The Groves purchased for $38.5M
JLL Capital Markets handled the sale of the apartments located in a suburb poised for growth in the greater Portland area.
JLL represented the seller, NBP Capital, to complete the sale to the buyer, an affiliate of Abacus Capital Group.
The Groves offer one-, two- and three-bedroom floorplan options, totaling 201 units. The apartments offer community amenities for residents, including a swimming pool, community lounge with a TV, fitness center, barbeque area and playground.
Located at 3500 N.E. 17th St. in Gresham, this Portland submarket is primed for long-term growth; with the city proposing various economic initiatives to foster employment growth and stimulate housing demand. Additionally, the property is positioned near many retail options, including Safeway, Natural Grocers and the Gresham Station Shopping Center, and is just one mile from the MAX Blue Line light rail station which allows regional access across the Portland MSA.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“This is another example of ample investor appetite for well-located, suburban assets with a value-add component,” Virden added. “The Groves is an asset with tremendous growth potential, in large part due to the immediate market’s apartment fundamentals, which exhibited over 3% rent growth during COVID-19, in a sub-market with very little new supply and direct access to growing employment drivers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.