An 85-unit apartment complex southwest of Portland has sold for $18.85 million.

The Habitat, located at 5745 S.W. Oleson Road in the Raleigh Hills area of unincorporated Washington County, was snatched up by Crown Point Real Estate Partners, which is based in Oakland, California.

The seller, Pathfinder Partners, achieved a valuation of $221,765 per unit and $280 per square foot for the 48-year-old multifamily asset.

Marcus & Millichap’s Institutional Property Advisors represented the seller and procured the buyer.

“The property is in a premier Portland neighborhood, but within Washington County boundaries, and thus it has long been an outperformer versus similarly aged comparables,” Anthony Palladino, IPA’s senior director for investments, stated in a news release.

“Previous ownership completed renovations and upgrades on roughly 40 percent of the units and the remaining units present a clear path for continued revenue growth, Palladino added.

Palladino, Philip Assouad, Giovanni Napoli, Ryan Harmon and Nick Ruggiero of IPA, in association with David Tabata, Marcus & Millichap’s broker of record in Oregon, arranged the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets secured acquisition financing.

Crown Point is led by co-founders and managing partners Chris Gordon, formerly of Baker Street Advisors, and Kyle Raines, formerly of NSW Corp.
The investors recently produced a white paper about multifamily investment opportunity in Portland.

“After several years of negative net migration and flat rents following the COVID-19 pandemic and civil unrest, Portland is experiencing the early stages of a market recovery that positions forward-thinking investors to capture significant value,” Crown Point stated.

Built in 1978, Habitat offers studio, one-bedroom and two-bedroom apartments with in-unit laundry and a private patio or balcony.

The property previously fetched $15.3 million in a 2017 transaction, according to public records.

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