BEAVERTON, OR-Waterton Associates, based in Chicago, has acquired the 554-unit LaSalle Apartments here for $77.2 million. Seller Equity Residential had purchased the complex, originally split into two separate properties, for $43 million in March 2003.
Bethesda, MD-based Berkeley Point Capital LLC provided a $54.8 million loan for the acquisition. The fixed-rate, seven-year loan was structured under Fannie Mae’s DUS program.
The complex includes garden-style and mid-rise buildings, as well as a four-story, mixed-use facility with garage parking and first-floor retail. Berkeley executives said in a statement that the loan documents were structured to cause the retail space to be ultimately converted into more residential units.
Units at the complex rent from about $805 to $1,365 per month. Waterton said it plans to upgrade unit flooring, appliances, lighting and plumbing.
Built between 1998-99, amenities include two fitness centers, two clubhouses and two pools, as well as detached garages, patios or balconies and full-size washers and dryers. The property is adjacent to the MAX-line, Portland’s light rail system.
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