(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
PORTLAND, OR-Trecap Partners LLC has acquired a majority interest in two Beaverton, Oregon apartment complexes for a pre-specified facility on behalf of a “to be formed” institutional investment fund. Trecap, in a joint venture with Holland Partners, purchased the properties, Country Gables and Club at the Green, for $53.9 million from Equity Residential.
Both Country Gables and Club at the Green include a full amenity package including indoor and outdoor pools, fitness centers and playgrounds. Interior amenities include dishwashers, fireplaces, balconies/patios and full-size washer/dryers. The properties are located in the heart of the Silicon Forest, according to a prepared release, with major employers including, Nike, Tektronix, Intel, Genentech, and Kaiser Permanente.
Country Gables is a 288-unit apartment community built in 1991. The property is flanked by new housing, the Murray Scholl’s Town Center, which includes restaurants, Starbucks, 24-Hour Fitness and other retail services. Club at the Green is a 254-unit apartment complex built in 1990. The property is located only 1.5 miles from Nike, two miles from downtown Beaverton and enjoys convenient access to MAX Light Rail and TriMet transit stops.
“The properties benefit from continued momentum in Beaverton’s job and population growth--the Portland area’s five largest employers all are in expansion mode led by Kaiser Permanente and Intel,” says Michael McNamara, Trecaps’s managing director and head of acquisitions. “Trecap forecasts solid rent growth and increased occupancies in line with how we have targeted multifamily investments over the past 16 months.” Trecap and Holland Partners intend to begin a renovation of the property that will include exterior and interior upgrades.
Trecap has been busy lately acquiring apartment properties. For example, as GlobeSt.com recently reported, it acquired a majority interest in a 144-unit apartment complex in San Jose, CA for a pre-specified facility on behalf of a “to be formed institutional investment fund.” The $24.4-million purchase of the Cinnabar property was done in a JV with Pacific Urban Residential. The team also plans renovations on that project.
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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.
