A luxe residential property in the Northwest District has changed hands.
The Bridgetown Lofts mid-rise community was sold by Vegas-based Portland Guild Loft Partners, LLC to Oakland, California-based Madison Park Financial Corporation for $55 million in a deal that closed in late March.
Bridgetown Lofts is a waterfront community located along the Willamette River in the Pearl District.
The land sold for $4.25 million in March 2015, according to the city's assessor. 2015 is also the year the Lofts were built.
Comprised of 149 units with modern finishes and features including oversized windows with expansive waterfront views, stainless-steel appliances, euro-style
cabinetry, quartz countertops, a fitness
center, a community lounge and a courtyard with a fire pit, gas grills and a putting
green, the property offers an incredible match for the area's expanding affluent tenant base.
It has studio, one- and two-bedroom units ranging from 556 to 1,150 square feet that rent for between $1,496-2,735 a month.
"The Bridgetown Lofts transaction indicates a continuation of investors' interest for high quality developments in the Portland Multifamily Market. Fore (Property Company) crafted a high-quality waterfront project with iconic views and stellar finishes," said Joe Nydahl, lead CBRE broker for The Bridgetown Lofts transaction.
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. Brian Eisendrath with CBRE Capital Markets' Debt & Structured Finance arranged the seven-year fixed rate loan with three years interest-only payments through Freddie Mac.
By Jules Rogers
Reporter, The Business Tribune
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