GRESHAM, OR-Bethesda, MD-based real estate investment firm, Crossbeam Capital LLC, has acquired the 225-unit Parkside apartment community here. Crossbeam is targeting the community for nearly $1 million in upgrades, including new exterior paint combined with enhancements to the community amenities, landscaping and individual apartment homes.
Parkside, a garden-style apartment community built in 1999, is 95% occupied. The improvement program is expected to begin immediately.
Crossbeam executives say that Parkside was attractive to the company because of Gresham’s proximity to Portland’s economic centers and the increasing demand for rental housing in the market area. GlobeSt.com learns that the purchase price was $16.45 million and Parkside Gresham LLC was the seller.
“We are big believers in the people, the economy and the quality of life in Gresham and everything that signals for the growing rental market there,” explains W. Bradford Blash, chief business officer for Crossbeam Capital. “Over the next eight years, job growth in the Portland area is expected to increase nearly 10%, or 83,000 jobs, and we are confident the remodeled Parkside apartments will be well-positioned to help fill that need.”
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Gresham, and the greater Portland area, is enjoying 10 years of steady population growth. It has a high concentration of such forward-looking industries as computer software, design, environmental services, renewable energy and high-tech firms. The Boeing Co. employs 1,500 in Gresham and plans to build a $100-million plant within the next three years, according to a prepared statement. US Bank Columbia Center, located in Gresham, employs 1,000 workers. Other major employers include FedEx, Owens-Corning, ON Semiconductor, Solexant, Legacy Medical Center and the 31,000-student Mt. Hood Community College.
Parkside was acquired by the estimated $300-million Crossbeam Apartment Fund II-2011 LP. The Fund’s property management company, Concierge Management Services, will implement the renovation plan for the property and assume management of property operations.
According to Blash, Crossbeam is looking to expand their presence in the Pacific Northwest and in the Portland market in particular. Crossbeam has also recently acquired apartment communities in Colorado, Illinois and Texas, and has broken ground on a new multifamily development in San Antonio.
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