Huge Institutional Investor Teams Up With Developer On Lake Oswego Wizer Block Project

Dated: November 4 2015

Views: 650

The controversial Wizer Block project in downtown Lake Oswego got a big boost this week from a huge institutional investor that has partnered with local developer Patrick Kessi to make the project a reality.

According to the Lake Oswego Review, Multi-Employer Property Trust, a Washington, D.C. based real estate equity fund, has entered into a joint venture with Kessi's PHK Development Inc.

A huge institutional investor has paired up with Portland developer Patrick Kessi on the Wizer Block project in downtown Lake Oswego.Enlarge

A huge institutional investor has paired up with Portland developer Patrick Kessi on the… more

The joint venture will back the now-$103 million Wizer Block development, a three-building project that will bring more than 200 residential units and retail space to downtown Lake Oswego.

According to its web site, MEPT is an "open-end commingled real estate equity fund" that currently has more than $5.9 billion in net assets. Its portfolio includes 97 investments in 25 major U.S. markets ranging from office buildings and warehouses to apartments and retail centers.

Demolition of the former Wizer's grocery store building began in earnest late last month. Opponents of the project are still awaiting word on their appeal of the project from the Oregon Supreme Court.


Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

10 Ways To Save On A Kitchen Remodel

A kitchen remodel is among the most popular renovation projects for homeowners, but it can quickly become the most expensive. According to HomeAdvisor, the average kitchen remodel costs $25,656, or

Read More

6 Mortgage Tips For Single Homebuyers With Children

If you’re a single parent, it’s arguably more challenging to buy a home than for those in a partnership with dual incomes. Yet it’s easy to see why so many single parents are eager to purchase

Read More

How To Deal With Unsolicited Offers

If you’re one of those lucky people who own a home in a “hot” area, it’s a pretty sweet feeling. You made a good real estate call. If you decide to sell, all signs point to it being an easy

Read More

Homebuying And Mortgage Guide For Singles

Many people might picture homeownership as an event that happens only after two people get married and start a financial partnership. Some mortgages are still structured to reflect that idea. But

Read More