Horizon partner Tim Smith tells GlobeSt.com that Chase Village was the back end of a 10-31 exchange that began with the sale of the 590-unit property in Salt Lake City that it bought for $31 million, spent another $1 million on renovations and then unloaded 22 months later for $38 million.

Smith says Horizon likes Eugene because it is a stable market with little new product coming online. He likes Chase Village because it is one of the largest multifamily assets in the city, it is located near the University of Oregon and they were able to place new debt for the acquisition -- a seven-year loan with a fixed rate of 5.3%. The capitalization rate on the deal is 8%.

The transaction was brokered by Kirk Taylor of CB Richard Ellis' Portland office. Taylor tells GlobeSt.com that Chase Village is the third most expensive piece of property in the city. Taylor adds that when Simpson acquired the property it also acquired 20 adjoining acres, half of which is zoned for apartments and half of which is zoned commercial. That property was not part of the sale to Horizon.