Pacific Property's Seattle-based regional director Matthew Campbell says he was attracted by its strong location relative to Portland area employers and the underlying supply constraints provided by the region's Urban Growth Boundary.
Panorama is situated adjacent to new communities, including Arbor Heights Apartments and Timberline Apartments. Approximately $1 million in renovations are planned, including upgrading the existing interior and exterior of the building.
"New supply is very limited," says Campbell. "Even with the tempering of the tech boom, housing remains in short supply and new development sites are virtually non-existent."The acquisition is Pacific's sixth of the year. This latest acquisition, it's first outside California, increases Pacific Property's portfolio of West Coast apartment communities to over 4,000 units with a cost basis exceeding $350 million.
Gail Neuburg of Tilbury, Ferguson & Neuburg represented Pacific Property and Cody Hagerman of Hagerman Frick O'Brien represented the seller on the Panorama West transaction.
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