Portland – CBRE Capital Markets’ Debt & Structured Finance team in San Francisco has arranged a $13.8 million acquisition loan for the purchase of a multifamily community, The Township, in Canby, Ore.
Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed rate loan on behalf of the buyer, San Francisco-based multifamily investment firm Glencrest Group. Josh McDonald with CBRE’s Portland office represented the seller.
Located at 700 SE 5th Avenue, The Township is made up of 92 total units across 13 buildings and was 98 percent leased at the time of sale. The unit mix is comprised of one-, two- and three-bedroom floorplans with an average unit size of 987 square feet. Apartment amenities include decks, patios and washer-dryer units. Community amenities include a clubhouse, fitness center, playground, storage units and 166 parking spaces. The site is located approximately 25 miles south of Portland.
“Glencrest is excited to expand our growing portfolio into Oregon and to close our third acquisition within the last six months,” said John Adair, managing partner of Glencrest Group. “The Township exemplifies the type of asset we seek for our Generations program, which is building a collection of quality multifamily properties for long-term ownership by individual investors.”
Adair added, “We aim to be a counterparty of choice in the apartment business and are pleased that this transaction involved repeat business with the seller, lender and advisory teams.”
“The Township is a stable asset with significant upside. This community allows residents to live in an ideal mix of small-town living, with easy highway access to all the comforts of modern city life and greater Wilsonville, one of Portland’s largest job centers,” said Mr. Behrens, vice chairman, CBRE.
About Glencrest Group
Glencrest Group was formed in 2019 by John Adair and Mike Bergelson to provide the next generation of multifamily investment opportunity. It focuses exclusively on purchasing existing apartment communities with above-average yield and appreciation potential. Glencrest’s founding team combines decades of leadership in the real estate and technology industries. Before Glencrest, John was the Principal in charge of capital transactions for Prime Residential, where he acquired, sold and financed more than 35,000 multifamily units, developing a reputation for generating alpha via creative and decisive deal making. Mike was most recently the co-founder and CEO of Everwise, a leader in the corporate learning and development space with hundreds of large enterprise clients. Before Everwise, Mike founded two other successful technology companies that focused on improving consumer experience.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.