PORTLAND, OR – March 5, 2018 – CBRE is pleased to announce the sale of The Reserve at Ashbrook, a 43-unit apartment community in Tigard to Chicago-based Back Nine Acquisitions for $10,650,000. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment team completed the sale on behalf of the seller, Mach 1 GE-Ashbrook LLC.
The Reserve at Ashbrook was built in two phases, with phase one finished in 2009 and phase two, in 2012. The townhome-style design really separates the community from its competition. The homes offer a mix of one- and two-bedroom options featuring attached direct-access garages, dog area, washer and dryers, granite countertops and stainless steel appliances. Ground floor homes include private fenced yards.
“The Reserve at Ashbrook presents a rare opportunity to own an institutional-grade property in the expanding Tigard submarket of Washington County,” says Phil Oester, Senior Vice President. “The townhome style apartments with attached garages in the market today are highly sought-after from investors due to scarcity within the marketplace.”
The property mailing address is 9378 SW Mandamus Court in Tigard, Oregon.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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. Please visit our website at www.cbre.com.