Glencrest Group Acquires Portland Apartment Complex for $27M

JLL Capital Markets has closed the $26.85 million sale and arranged acquisition financing for Meadowland Apartments, a 168-unit multifamily community in Portland, OR. JLL’s Ira Virden, Carrie Kahn and Frank Solorzano represented the seller, NBP Capital in the transaction.

The garden-style complex, which will be rebranded as Township Eastside, was built in 1991 and features two bedroom, two-bathroom units averaging about 1,000 square feet with in-unit laundry and a patio or balcony. Community amenities include a clubhouse, swimming pool, playground and detached garages.

JLL’s Charles Halladay, Peter Smyslowski, Jonah Aelyon and Elijah Lax worked on behalf of the new owner to originate a 10-year, fixed-rate loan through Freddie Mac Multifamily. “We are thrilled to add Township Eastside to our growing portfolio,” said Glencrest Group Managing Partner John Adair. “Glencrest will invest in this quality asset to improve resident experience and looks forward to helping the neighborhood thrive.”