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Rise Broadens Reach into Portland Market with $48M MF Buy
Canadian-based REIT Rise Properties Trust acquired the Meadows at Heron Creek Apartments in Hillsboro from Shelter Holdings for $48.2 million, which works out to $270,787-per-unit. The 178-unit multifamily garden-style asset is located at 10667 NE Heritage Parkway.
Rise’s Barrett Sigmund says, “Meadows marks our second acquisition in the Portland, MSA this year. We believe in the market and hope to continue to add more quality assets to our portfolio in the near future.”
Built in 2012, the property sits on 6.02 acres and the community features a mix of well-laid out one-, two- and three-bedroom units, a clubhouse, playground and ample garage parking. Rise plans to add value through enhanced and revised marketing tools, interior renovations, encompassing kitchen upgrades, unit flooring, lighting, sinks and plumbing fixtures, and common area improvements/additions.
Institutional Property Advisors’ (IPA) Anthony Palladino, Giovanni Napoli, and Philip Assouad facilitated the transaction.
KeyBank’s Paul Angle and Chris Neil secured $36-million in fixed-rate Freddie Mac acquisition financing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


