PORTLAND, OR-GlobeSt.com has exclusively learned that Oregon-based Glenbrook Partners Ltd. Partnership has sold its Glenbrook Apartments for $33.7 million. The buyer was an affiliate of New York City-based Abacus Capital Group.
Atlanta-headquartered ARA was the broker on behalf of the seller of the 406-unit, class B Beaverton, OR community sale. According to ARA principal Gail Neuburg, “Portland's Westside close-in locations are experiencing some of the lowest vacancy rates in the country and the development pipeline is extremely constrained, so we will see more emphasis on improving existing properties as an investment strategy.”
Completed in 1980, Glenbrook Apartments is an “institutional quality, garden-style apartment community,” according to a statement. The property does have a large footprint. It is located on 21.5 acres with a full amenity package and a strong location in Portland's 217 Corridor, near the area's super-regional shopping center, Washington Square.
At the time of sale, the asset was 95% occupied and 98% leased. ARA tells GlobeSt.com that it cannot provide GlobeSt.com with further information regarding reasons for selling that this time, however the firm did say that the current owners had owned the property for approximately 20 years.
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