Canadian REIT buys Portland-area multihousing community for $30 million

JLL Capital Markets closed the sale of TownCenter Park in Wilsonville to RISE Properties Trust

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TownCenter Park
JLL Capital Markets closed the $30 million sale of TownCenter Park, a 111-unit, 1990-built, garden-style multihousing community in Wilsonville, Oregon.

JLL Capital Markets announced that it has closed the $30 million sale of TownCenter Park, a 111-unit, 1990-built, garden-style multihousing community in Wilsonville, Oregon.

JLL marketed the property on behalf of the seller, Curtis Capital Group, and completed the sale to RISE Properties Trust.

TownCenter Park comprises one-, two- and three-bedroom units ranging from 802 to 1,350 square feet. The seller completed significant exterior improvements during their five-year ownership including new siding, roofs and windows, in addition to interior renovations to 40 units, which include upgraded vinyl plank flooring and carpet, stainless steel appliances, laminate countertops, white shaker cabinetry and hardware, upgraded lighting, new decks and two-inch faux wood blinds.

The property is located at 29250 Southwest Parkway Ct. in Wilsonville, a suburban neighborhood along the banks of the Willamette River. TownCenter Park is situated along Interstate 5, offering a 30-minute commute to both Salem and downtown Portland, the state’s two largest economic hubs with over 350,000 jobs combined. Additionally, the community is 1.5 miles from the WES Commuter light rail station, which runs north along Interstate 5, connecting Wilsonville with other public transit lines such as MAX light rail in Beaverton.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“The combination of a proven value-add program, lack of new multi-housing development within Wilsonville and the extensive capital improvements completed by the seller make TownCenter Park a strong addition to RISE Properties Trust’s portfolio,” Kahn said. “Our team was thrilled to represent Curtis Capital Group on this transaction, which was one of the first value-add opportunities marketed in the Portland MSA in early 2021.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.