Located within the Orenco Station, a 190-acre mixed-use community on Portland's Westside MAX light rail line, Cortland Village comprises 20 two- and three-story buildings. The average apartment size if 1,080 sf and the average asking rent is $914 per month.
Each apartment unit includes a full-sized washer and dryer, microwave, maple cabinetry, crown molding, 9-ft ceiling, ceiling fans and a roman tub. Select units offer wood burning fireplaces and recessed bookshelves. Communal amenities include a pool, spa, business center, conference room, fitness center, and a community room with a gourmet kitchen.
Mary Ann King, president of Chicago-based Moran & Co., had the disposition assignment. She was assisted in the transaction by partner Scott Davis, who heads up the company's West Coast office. The buying entity, Cortland Investors LLC, was represented by Bean Investment Real Estate principals David Gifford and Terry Bean, who is part of the buying entity.
As part of the transaction, Cortland Investors LLC assumed $15 million in debt owed to Northwest Mutual Life and added $5 million of debt to the property from M&T Real Estate Trust. Gifford tells GlobeSt.com the assumed loan carries an interest rate in the mid-6% range.
The sale closed on Dec. 30. Gifford says it was one of two major acquisitions the Bean Investment Real Estate put together in 2003. The other was Cedar Mills Crossing, a 608-unit property in Beaverton, OR that was acquired for $27 million. With this latest purchase, Bean Investment Real Estate now controls about 4,500 apartment units, making it one of the larger apartment owners in the state.
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