Value-add apartment complex in Portland trades for $26.85M
JLL Capital Markets arranged the sale and acquisition financing for the 168-unit Meadowland Apartments in Portland, Oregon
PORTLAND, OR, Feb. 23, 2023 – JLL Capital Markets announced today that it has closed the $26.85 million sale and arranged acquisition financing for Meadowland Apartments, a 168-unit, garden-style apartment in Portland, Oregon, which will now be known as Township Eastside.
JLL marketed the property on behalf of the seller, NBP Capital. Glencrest Group acquired the asset. Additionally, JLL worked on behalf of the new owner to originate the 10-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
Built in 1991, Township Eastside features two-bedroom and two-bathroom units with an average size of 986 square feet plus in-unit laundry and a patio or balcony. The majority have not been renovated. Current amenities include a clubhouse, swimming pool, playground and detached garages.
“We are thrilled to add Township Eastside to our growing portfolio,” said Glencrest Group’s Managing Partner John Adair. “Glencrest will invest in this quality asset to improve resident experience and looks forward to helping the neighborhood thrive.”
Situated at 17310 SE Naegeli Dr., Meadowland Apartments is set within the East Portland submarket of Gresham. The property is 20 minutes from Downtown Portland and less than an hour from Mt. Hood, offering residents access to the region’s largest employers and most sought-after recreational destinations. Gresham features 200 acres of parks, 840 acres of natural areas and eight miles of trails. Additionally, 4.4 million square feet of retail space is within a three-mile radius, including Gresham Station Shopping Center and Historic Downtown Gresham. Residents also benefit from proximity to Interstate 84, Highway 26 and Interstate 205.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano. The JLL Capital Markets Debt Advisory team representing the borrower included Senior Managing Directors Charles Halladay and Peter Smyslowski, Director Jonah Aelyon and Analyst Elijah Lax.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About NBP Capital
Founded in 2008, NBP Capital is a privately held commercial real estate fund, focusing on its vertically integrated commercial real estate investment platform along the West Coast. NBP Capital is committed to four core businesses: investment management, development, construction and hospitality. As investment managers, NBP Capital delivers compelling risk-adjusted returns to its investors through long-term investment opportunities in growing, urban markets and their surrounding localities. Through its development and construction arm, NBP Capital positively contributes to the urban landscape, while controlling its development costs. As hospitality providers, NBP Capital creates community and delivers place-making experiences.
About Glencrest Group
Glencrest Group was formed in 2019 by John Adair and Mike Bergelson to provide the next generation of multifamily investment opportunity. It focuses exclusively on purchasing existing apartment communities with above-average yield and appreciation potential. Glencrest’s founding team combines decades of leadership in the real estate and technology industries. Before Glencrest, John was the Principal in charge of capital transactions for Prime Residential, where he acquired, sold and financed more than 35,000 multifamily units, developing a reputation for generating alpha via creative and decisive deal making. Mike was most recently the co-founder and CEO of Everwise, a software company leading in the corporate learning and development space with hundreds of large enterprise clients. Before Everwise, Mike founded two other successful technology companies that focused on improving consumer experience. For more information, visit glencrestgroup.com