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JV Acquires Apartments in Portland’s Buckman Neighborhood
Fourth Avenue Capital and Range Equity Management, in a joint venture with PCCP, have acquired 2121 Belmont, a stabilized multifamily property located in the Buckman neighborhood of Portland, Oregon.
Fourth Avenue Capital now owns 25 assets across its portfolio, including six other properties in the Portland MSA. Originally built in 2008 as condominium units, 2121 Belmont is comprised of 123 oversized apartment units averaging approximately 981 square feet.
“We targeted this asset because of its differentiated product type — Type I construction, large unit sizes, and dedicated parking for every residence,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital.
Strategically located in Portland’s Buckman neighborhood, 2121 Belmont sits at the heart of the city’s rapidly developing Central Eastside. “We are excited about this acquisition given the unique attributes of the asset and cyclical recovery of the market. We look forward to executing our value-add business plan in conjunction with our partners at FAC and PCCP,” said Andrew Gindy, Managing Partner at Range Equity Management.
