(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
PORTLAND, OR-Andrews Management Ltd. has sold the Meadowland Apartments, a 168-unit multifamily complex here for $11 million or $63,773 per unit. Atlanta-headquartered Apartment Realty Advisors executed the sale on behalf of both parties in the transaction.
Both the seller and the buyer were local private investment companies. The purchaser, Meadowland Apartment Investments LLC, was able to obtain new Fannie Mae financing for this deal.
Ira Virden, a senior associate at ARA represented both parties in the transaction. The property was built in 1991 and consists of all two-bedroom two-bath units, with 985 square feet of living space with either balconies or patios for every unit. At the time of the sale, the Meadowland Apartments were 95% occupied.
“The Meadowland sale was an interesting transaction,” says Virden. “We had a tremendous amount of interest due to the size and vintage of the asset.”
Virden points out that despite the interest from groups all over the country, it sold to a local buyer. “To understand the asset’s location it really took deep local knowledge of the submarket to pursue the property at a price the seller was willing to facilitate a sale.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
