Matteson Buys $21M Apartment Property

PORTLAND, OR-Redwood City, CA-based the Matteson Cos. has acquired the Clackamas Village Apartments, a 372-unit apartment property located in Happy Valley, a suburb of Portland, OR. The purchase price was nearly $20.8 million. 

The property was acquired on behalf of a group of private investors. Gail Neuburg from American Realty Advisors was the sales broker. The acquisition included the assumption of two Freddie Mac mortgages totaling $16.4 million. 

Matteson tells GlobeSt.com that the seller is Berkshire Property Advisors. Reflections will be Matteson’s fourth investment through the bottom of the economic downturn, according to a prepared statement. “The investment basis of under $56,000 per unit is attractive relative to other recent sales activity,” says Graham Chernoff, senior vice president of investments for Matteson. “We are planning to make a number of operational and capital improvements to enhance operating performance over the next five years.” 

Clackamas Village is a 372 unit apartment community totaling 236,258 square feet built in two phases in 1986 and 1989 located at 8800 SE Causey Loop in Happy Valley, OR.  It will be renamed “Reflections at Happy Valley” shortly after acquisition.

The property, which is comprised of 16 two-story apartment buildings, a clubhouse and a pool, is located within walking distance to mass transit, shopping, and job centers. The property is adjacent to the 1.2 million square-foot Clackamas Town Center Mall and the recently opened Tri-Met Max Light Rail station.  The new transit station provides convenient access to Downtown Portland, Portland International Airport, and to high-tech employers in the Sunset Corridor.

Matteson will engage and supervise a third-party property management company, Riverstone Residential, to focus on operations, leasing and re-branding the property as “Reflections at Happy Valley.” Matteson is a real estate investment manager active in the western US with more than $1 billion in assets under management. The company invests on behalf of private and institutional investors in core and value-added strategies, with a particular focus on multifamily investments.