SF Bay Area Company Acquires Bridgetown Lofts in Creative ‘Pearl District’
Portland, Ore. (April 11, 2018) – Madison Park Financial Corporation (Madison Park), a developer of innovative, urban mixed-use properties, announced today the $55M acquisition of Bridgetown Lofts, a 149-unit mid-rise apartment community in Portland’s Pearl District. This is Madison Park’s third Portland metropolitan area acquisition since entering the market in 2017 with the purchase of Cannery Row and Moreland Crossing.
“Bridgetown Lofts is a natural extension of our modern industrial, loft-style residential portfolio,” said John Protopappas, president and CEO of Madison Park. “It’s a stylish, inspiring community complete with sophisticated finishes and appliances, oversized windows with riverfront views, easy access to hundreds of restaurants, and plenty of places to explore. We develop and manage all of our residential properties as lifestyle destinations – and this one is no exception.”
The newly-built Bridgetown Lofts is currently 83 percent leased and features an eclectic mix of spacious studio, one- and two-bedroom floorplans, as well as a rooftop terrace with sprawling waterfront views. Tenant amenities include a fitness center, community lounge and courtyard with a fire pit, gas grills, and a putting green.
Joe Nydahl, Phil Oester, and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment team negotiated the sale on behalf of the seller, Portland Guild Loft Partners, LLC.
Madison Park is renowned for the residential transformation of Oakland, California, and helped to pioneer the trend of converting warehouses and industrial spaces into loft-style, mixed-use communities.
About Madison Park Financial Corporation
Founded in the San Francisco East Bay Area, in 1985, and headquartered in Oakland, Madison Park has utilized its experience in property management and development to create dynamic and lasting communities. With nearly $600M in assets and 1,600 of units in their multi-state portfolio, which includes the San Francisco Bay Area and the Portland metropolitan area, Madison Park boasts a vacancy rate of less than five percent, consistently, year after year. To learn more, visit www.mpfcorp.com.