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Yet another suburban apartment complex sells for more than $10 million, this one in Tigard

SUBMITTED: CBRE - Mandamus Court dead-ends into these recently acquired townhome-style apartments.There are 43 apartment units under new ownership in Tigard after a $10.65 million deal.

Mach 1 GE-Ashbrook, LLC sold The Reserve at Ashbrook in Tigard to Chicago-based Back Nine Acquisitions, which in 2017 closed on a fund targeting $10-20 million multi-family assets. Back Nine anticipates purchasing $100 million worth between 2017-2020.

The Reserve at Ashbrook, 9378 S.W. Mandamus Ct., is located adjacent to Highway 217 near Washington Square Mall.

The townhome-style complex with individual unit garages was completed in two phases finishing in 2009 and then 2012. The one- and two-bedroom complex features granite countertops, a dog area and washers and dryers in the units.

CBRE secured the deal with a team that included Phil Oester, Joe Nydahl and Josh McDonald.

"The Reserve at Ashbrook presents a rare opportunity to own an institutional-grade property in the expanding Tigard submarket of Washington County," said 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."

By Jules Rogers
Reporter, The Business Tribune
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