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California-Based Company Purchases Portland Apartments for $31M
California-based Laurel Property Group has purchased the Grant Park Village Quimby apartment property in Portland, Oregon, for $30.7 million, or $183,832 per unit.
The complex at 1580 N.E. 32nd Ave. in the Grant Park neighborhood has 167 studio, one- and two-bedroom apartments. The apartment community also has a fitness center, resident lounge, pet spa and outdoor courtyard. It was built in 2018. CBRE’s Joe Nydahl and Josh McDonald represented both Laurel Property Group and the seller, Capstone Partners and PCCP, in the transaction, reported the Portland Business Journal.
“Grant Park Village Quimby represents exactly the type of institutional‑quality, transit‑oriented asset that investors are seeking in today’s market,” said Joe Nydahl, executive vice president at CBRE. Completed in 2018, the mid‑rise community features modern unit finishes and a range of resident amenities, including a fitness center, resident lounge, outdoor courtyard and pet spa.
