JV Acquires Portland-Area Community for $12M
Posted on October 14, 2020
A joint venture of Trion Properties and AMC Investments has acquired Hood Apartments, a new 64-unit community in Gresham, Ore., for $12 million. Continental Partners sourced an acquisition loan. Jordan Carter, Tyler Linn, Clay Newton and John DeJager of Kidder Matthews represented Trion in the deal.
Located on a 2.8 acres site east of Portland at 1833 SE Sixth St., Hood Apartment is 8 miles from Interstate 205. The surrounding area has several retail and dining options, including Gresham Village shopping center, which is within walking distance of the property. The asset is also 2 miles from Legacy Mount Hood Medical Center and Mount Hood Community College. Hood comprises one- and two-bedroom apartment homes and was vacant upon closing.
This trade represents Trion’s first purchase in the city and brings its holdings in the region to eight properties totaling 675 units. In September, the company acquired The View at North Peak, a 288-unit asset in Northglenn, Colo. Capital One originated a $27.4 million Fannie Mae loan on behalf of buyer.