PORTLAND, OR - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of the Meadowland Apartments, a 168 Unit, multifamily complex in Portland, Oregon.
On behalf of ARA’s, Portland-based office, Ira Virden represented both parties in the transaction. The property was built in 1991 and sold for $11,050,000, or $65,773 per unit. The property consisted of all 2-bedroom 2-bath units, with 985 square feet of living space with either balconies or patios for every unit. At the time of the sale, the Meadowland Apartments were 95% occupied.
Both the seller, Andrews Management, Ltd., and the buyer were local private investment companies. The purchaser, Meadowland Apartment Investments, LLC, was able to obtain new Fannie Mae financing for this deal.
“The Meadowland sale was an interesting transaction. We had a tremendous amount of interest due to the size and vintage of the asset. Despite the interest from groups all over the country, it sold to a local buyer. To understand the asset’s location it really took deep local knowledge of the submarket to pursue the property at a price the seller was willing to facilitate a sale,” said Ira Virden.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Ira Virden, at ivirden@ARAusa.com or 503.575.9553.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, distressed, affordable, seniors, student, manufactured housing, note sales and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com