OREGON CITY — A joint venture between Bay Area-based Objective Real Estate Partners, LLC and OpenPath Investments has announced its Dec. 30 closing of The Preserve Apartments, a 135-unit Class B apartment property on Highway 213 in Oregon City.
At the close of escrow the property was 98 percent occupied with continued strong demand for apartments in this location. The purchase price was $16,025,000 or $118,704 per unit and $136 per rentable square foot. The property’s strong performance during escrow enabled the buyer to achieve a capitalization rate of over 6.5 percent on in-place income at the time of purchase.
The buyers have plans to implement a modest unit renovation program to further improve the property in the first year of ownership.
A loan for the acquisition was provided by Freddie Mac via the Seattle office of Walker & Dunlop. The seller was a fund sponsored by Fowler Property Acquisitions, a California based multifamily investment firm. The sale was brokered by ARA Portland, the local office of a nationwide commercial brokerage firm specializing in apartments