Investors Buy Legends Condo's Unsold Units

PORTLAND-The 50 unsold units in the 11-story, 80-unit Legends condominium tower in the Goose Hollow neighborhood have new owners. The receiver charged with liquidating Capital Consultants’ portfolio sold the units for $5.2 million to a group of investors that includes the principals of Seattle-based SeaMark Properties.

The group of 10 investors obtained a three-year, floating rate loan from HomeStreet Bank for more than the purchase price and plan to spend close to $1 million upgrading the common areas and completing unfinished units before marketing them for sale at rates expected to be in the $250- to 300-per-sf range. The building contains a mix of one and two bedroom units ranging in size from 662 sf to 1692 sf.