Home Industry News Loan Arranged for $71.1MM Acquisition of Portland Area Multifamily Community

Loan Arranged for $71.1MM Acquisition of Portland Area Multifamily Community

CBRE, The Randall Group, Happy Valley, Portland, Heather Lodge
Courtesy of CBRE

(EDITOR’S NOTE: According to public records, the property sold on January 11th for $71.1 million, or about $398,876 per unit.)

CBRE has secured a $35 million loan for the acquisition of Heather Lodge, a 178-unit multifamily community in Happy Valley, Ore.

Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer, The Randall Group Inc., a local real estate investment firm.

Located at 13432 SE 169th Ave., the community is approximately 20 miles southeast of downtown Portland in the foothills of Mount Hood in Happy Valley. Constructed in 2021, the four-story building comprises studio, one-, two- and three-bedroom apartments and features ski resort-inspired design and resort-style amenities, such as a clubhouse, pool and hot tub, dog park and fitness center.

“CBRE provided a competitive process to source the best pricing and structure in the market for our client to complete the financing process for a successful multifamily property located in a growing market just outside Portland,” said CBRE’s Santangelo.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.