Fully Stabilized Rivage Finds New Buyer in Magnolia Capital

Rivage, a podium-style waterfront apartment complex, is located at 2220 NW Front Ave.

➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1,000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.

PORTLAND, OR—On one of the last remaining waterfront sites in Portland, Rivage is a 260-unit fully stabilized multifamily community. Fore Property recently sold the asset to Magnolia Capital.

“Recognizing the vast potential for multifamily development, we’ve been active in the Portland metro area for several years. By adhering to our core values and executing with precision, we were able to provide a high-quality, stabilized rental community to the region that meets the everyday needs of its residents and offers contemporary conveniences in a prime waterfront location,” said Fore Property vice president Lee Novak. “This transaction demonstrates the success of Fore’s regionally tailored investment strategy and the quality of our approach and product, which enables us to consistently generate excellent returns for our investors.”

In 2017, Fore Property and funds from Carlyle Realty Partners VII, a fund sponsored by global investment firm The Carlyle Group, provided equity capital and PNC Bank provided financing to develop the North Pearl District apartment community.