PORTLAND, OR-GlobeSt.com has exclusively learned that Oregon-based Glenbrook Partners Ltd. Partnership has sold its Glenbrook Apartments for $33.7 million. The buyer was an affiliate of New York City-based Abacus Capital Group.
Atlanta-headquartered ARA was the broker on behalf of the seller of the 406-unit, class B Beaverton, OR community sale. According to ARA principal Gail Neuburg, “Portland's Westside close-in locations are experiencing some of the lowest vacancy rates in the country and the development pipeline is extremely constrained, so we will see more emphasis on improving existing properties as an investment strategy.”
Completed in 1980, Glenbrook Apartments is an “institutional quality, garden-style apartment community,” according to a statement. The property does have a large footprint. It is located on 21.5 acres with a full amenity package and a strong location in Portland's 217 Corridor, near the area's super-regional shopping center, Washington Square.
At the time of sale, the asset was 95% occupied and 98% leased. ARA tells GlobeSt.com that it cannot provide GlobeSt.com with further information regarding reasons for selling that this time, however the firm did say that the current owners had owned the property for approximately 20 years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
