Cardinal Group Pays $78M for Portland Apartments
PORTLAND, OR-Denver-based Cardinal Group Investments LLC purchased the RiverPlace Square apartment community in downtown Portland for $77.5 million. The property, which includes 290 residential units, approximately 16,499 square feet of ground-level retail and a commercial parking garage, was purchased from Prudential Life Insurance Co.
According to Cardinal principal Eric Frank, who led the acquisition, the firm sees strong market dynamics in Portland and has wanted to gain a presence in the city for a while.
CGI’s affiliated property management company, Cardinal Group Management, will take over the property and oversee day-to-day operations.
Cardinal partnered with New York City-based Fundamental Advisors LP to purchase the property, which includes 135 apartment flats and 155 townhomes with attached one- and two-car garages and was built in two phases in 1991 and 1995 and anticipates making capital improvements to the property aimed at improving the quality of the units and amenity suite. “We believe the planned capital improvements will greatly benefit RiverPlace and will enhance the uniqueness of the townhome unit mix within the downtown Portland market, which has seen mostly high-rise construction during the last 10 years,” Frank says.
Cardinal Group will also rebrand the property under its urban multifamily platform, Mint Urban, which focuses on creating a unique property offering that caters to working professionals who are looking for a cool, chic living experience in vibrant urban neighborhoods.
“RiverPlace and Portland are a natural fit for the Mint Urban brand,” notes Cardinal principal Del de Windt. “The property’s location within the downtown market and the lifestyle and culture of Portland align the property well with the brand’s current, hip, and sophisticated vibe. We are eager to see it come to life on the West Coast.”
The acquisition was the fourth partnership between Cardinal Group and Fundamental Advisors.
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