BEAVERTON, OR—Berkadia has executed the sale of Wyndham Park I & II, a portfolio of communities in Beaverton. Managing director Phil Oester and director Joe Nydahl of the Portland office facilitated the transaction. The properties sold for a combined $63.9 million on June 5. Wyndham Park I sold for $34.5 million, reflecting a per-unit price of $151,342 and Wyndham Park II sold for $29.4 million, reflecting a per-unit price of $150,738.
The buyer of both properties was Holland Acquisition Co., LLC of Vancouver, WA and the seller was KI-Wyndham Park, LLC of Liberty Lake, WA. Holland Acquisition plans to renovate the properties' units and common areas and merge the two into one cohesive garden-style community. This acquisition involved an assumption of two Freddie Mac loans.
“This is a great example of creating value through expansion," Oester said. “This is an ideal value-add property where a small investment in interior upgrades and repositioning the combined properties into a larger, amenity rich community can have big rewards."
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.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
