OREGON CITY, OR—CBRE has completed the sale of The Landing Apartments and Townhomes here for for $52.5 million.
Graham Taylor and Carrie Houck of CBRE's capital markets multifamily investment properties team represented the seller, VergePointe Capital and a prominent local homebuilder. The buyer is an affiliate of The Randall Group Inc.
Jim Rice and Nick Santangelo of CBRE's debt & structured finance team placed $38,555,000 in acquisition financing on behalf of the buyer.
Located at 19901 Coast Redwood Ave. in Oregon City, The Landing is comprised of 185 townhomes and 117 luxury apartments on 14 acres. The apartment unit mix includes spacious studios, one-, and two-bedroom homes with nine-foot ceilings; the townhomes feature three- and four-bedroom layouts with direct-entry single and double garages.
Construction on The Landing was completed in 2013. As the newest building in its submarket, lease up pace was brisk. The property was 96% occupied at the time of sale. CTL Management will provide property management services.
VergePointe Capital is a private equity firm in Lake Oswego, OR. The firm makes investments in both real estate and closely held businesses in the Portland metro area and is dedicated to serving the local community's private equity needs. Matt Vance and Scott Roberts managed the investment in The Landing for VergePointe Capital.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
