NY Firm Likes Portland Growth, Buys Apartments

PORTLAND, OR— The Praedium Group , a New York City-based national real estate investment firm, has acquired Springville Oaks Apartments in Portland, OR. The class A 112-unit, garden style apartment community was developed in 2015 by a local developer. The Praedium Group’s Asim Hamid tells GlobeSt.com that “We’ve witnessed a recent explosion of jobs in the Portland market, particularly within the technology and consumer product sectors. Intel Corp. employs over 18,600 people in the Portland area and is nearing completion of a five-year, $6 billion expansion. In addition, Nike’s world headquarters employs 8,700 and has recently invested $150 million in further expansions.” Hamid adds that “Google and Genentech, among other technology companies, continue to grow in Portland leading to strong demand for rental housing and Praedium’s continued interest in investment opportunities in the Portland market.” Springville Oaks is among the newest residential communities in all of Washington County, boasting homes with nine-foot ceilings, air conditioning, a private garage, washer/dryer, fully equipped kitchens with quartz or granite counters, stainless steel appliances, and a patio/balcony. In addition to being pet friendly, community amenities include air conditioned hallways and corridors, covered parking, the Greenspace walking/running trail, easy access to Claremont Golf Club, close proximity to retail shopping/dining options, controlled access and on-site management. The residential complex is also located within the highly-regarded Beaverton School District and is just five miles from the Intel expansion and six miles from Nike’s expansion.  In addition, Springville Oaks is just a short distance from several retail attractions including Bethany Village Centre, The Streets of Tanasbourne and Tanasbourne Town Center. “As one of the area’s newest residential communities, Springville Oaks is in the ideal position to benefit from residents looking for top-quality homes and amenities in one of the nation’s strongest rental markets,” Hamid adds.