Pacific Property's Seattle-based regional director Matthew Campbell says he was attracted by its strong location relative to Portland area employers and the underlying supply constraints provided by the region's Urban Growth Boundary.

Panorama is situated adjacent to new communities, including Arbor Heights Apartments and Timberline Apartments. Approximately $1 million in renovations are planned, including upgrading the existing interior and exterior of the building.

"New supply is very limited," says Campbell. "Even with the tempering of the tech boom, housing remains in short supply and new development sites are virtually non-existent."The acquisition is Pacific's sixth of the year. This latest acquisition, it's first outside California, increases Pacific Property's portfolio of West Coast apartment communities to over 4,000 units with a cost basis exceeding $350 million.

Gail Neuburg of Tilbury, Ferguson & Neuburg represented Pacific Property and Cody Hagerman of Hagerman Frick O'Brien represented the seller on the Panorama West transaction.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.