Two Freddie Mac fixed-rate loans of $14.2 million were originated on behalf of Glencrest Group for the $20.4 million purchase of the two garden-style properties – The Village, a 64-unit property in Keizer, and Towncenter Apartments, an 84-unit property in McMinnville. Both properties are within the Willamette Valley, Oregon’s wine country, one of the state’s fastest growing and most visited areas.
“Towncenter and The Village add to our presence in central Oregon and are great additions to our Generations portfolio, which is designed around long-term ownership by individual investors. We are pleased to have closed this transaction without delay during these uncertain times, a testament to the commitment of our Generations network equity investors, and the experience of our lending and investment sales partners at Newmark,” said Mike Bergelson, managing partner, Glencrest Group.
The Village consists of six three-story buildings with all two-bedroom units. Towncenter Apartments includes 10 two-story residential buildings of all two-bedroom units and a one-story nonresidential building.
The sale was led by Newmark’s Robert Black, Lydia Thompson and Sam Lawhead. Newmark’s Mitch Clarfield and Ryan Greer advised Glencrest on the financing.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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