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PORTLAND, OR-Crow Holdings, a privately held diversified investment group based in Dallas, announces the $42-million acquisition of the Thorncroft Farms apartments by CHRP IV LP, its latest real estate fund. This 340-unit class A property resides in the 850-acre Tanasbourne master-planned community in Portland's Sunset Corridor in Hillsboro, 10 miles west of Portland.
The 13-acre, 16-building garden-style apartment community is located within the master-planned Tanasbourne community. It offers a clubroom, business and conference center, heated swimming pool and Jacuzzi, sunning deck, gas barbeque grills, fitness center and garages. Occupancy is currently 97%.
Thorncroft Farms last changed hands shortly after it was completed in 1998. That's when the developer, Trammell Crow Residential affiliate TCR #530 Cornell Development MP, sold the property to Tanasbourne Cornell LLC of Kirkland, WA for $24.36 million, or $72,664 per unit, according to Washington County Records. Tanasbourne Cornell LLC's sale to CH Realty IV/Thorncroft LLC about 10 days ago translates to $123,539 per unit.
Crow Holdings multifamily specialist Dodge Carter tells GlobeSt.com that the acquisition represents the company's first foray into the Portland market. With few new competing multifamily developments in the pipeline and expectations of rapid population growth--Claritas estimates the population growth in the immediate submarket to exceed 13% over the next five years--Carter likes his chances with the investment.
"We've been watching multifamily there for quite some time and it appears very well poised for some great [net rental] growth," he says. "Construction costs are such that pricing is out of control, which allows us a very favorable barrier to entry."
Crow Holdings' CHRP IV fund held its final closing in April 2006. It is the largest fund sponsored by Crow Holdings, with equity commitments totaling approximately $850 million.
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