Seattle, WA – Thayer Manca Residential (TMR) has entered the Portland, OR multifamily housing market for the first time with the purchase of Halsey Station. This Seattle, WA based multifamily investment firm acquired the 124-unit property for $20,800,000.
TMR has nearly $2,000,000 in planned renovations for Halsey Station including an enhanced pool area, addition of a pet park, upgraded landscaping, interior unit renovations, exterior capital improvements and a full rebranding strategy.
“Portland’s strong economic growth continues to fuel demand for rental housing throughout the area and provides TMR with an incredible opportunity to enter the market,” says Joe Manca, TMR Principal. “We are excited to finally have an opportunity to be in Portland and provide our investors with added diversification.”
Halsey Station was built in two phases starting in 1989, giving the property both Portland and Gresham addresses. The Gresham submarket is home to four of the largest employers within the Portland metro area including Boeing, On Semiconductor, Microchip Technology and US Bank.
Less than 15 minutes from downtown Portland and Portland’s International Airport, Gresham is ideally situated near the tens of thousands of high paying jobs and outstanding transportation options. Residents living at Halsey Station also have multiple shopping and service options within minutes of the property, including three main retail centers.
About Thayer Manca Residential LLC
Thayer Manca Residential LLC (TMR) is a multifamily investment firm, specializing in value-add opportunities. Based in Seattle, WA, TMR has closed over $1B in transactions throughout the western U.S. from Alaska to Texas. TMR is driven by a commitment to protect and grow investor capital, while delivering safe, clean and inspired homes. Using disciplined business practices and a hands-on asset management style, TMR has generated outstanding partnership returns without a single capital loss in the company’s 35+ year history.