Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Investors Snatch Up 177 Transit Focused Apartments In Hillsboro
Dated: February 24 2016
An Atlanta investment giant that has been snatching up properties in Portland over at least the past year or so has made another metro-area deal.
Invesco Real Estate, which bought developer Bob Ball's apartment building, The Parker, for almost $70 million last year, has acquired Platform 14, a 177-unit apartment community in Hillsboro. Holliday Fenoglio Fowler L.P., led by managing director Ira Virden, marketed the property for the seller, Vancouver, Wash.-based Holland Partner Group. The sale price was not immediately disclosed.
According to a release about the sale, Platform 14 sits on just over 2 acres at 1030 N.E. Orenco Station Parkway in the Orenco Station community within walking distance of Intel's large Hillsboro campus. Completed in 2012, the four-story, transit-oriented property has 125 one- and 41 two-bedroom units, as well as 11 live-and-work units with one bedroom/two bath layouts.
The deal is the latest in a growing streak of buys in the Portland area for Invesco. In addition to acquiring The Parker, Invesco also purchased a nearly 398,000-square-foot industrial park in Fairview in August. The three-building Birtcher Center had been on the market just 45 days before Invesco picked it up for an undisclosed price.
Invesco is just one of many institutional investors that have found Portland, with its strong economic fundamentals and relative value compared to other West Coast markets, to be an attractive target these days.
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 25+ years in the industry, Mark has gained experience in....
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