Fourth Avenue Capital and Range Equity Management, in a joint venture with PCCP, have acquired 2121 Belmont, a stabilized Class-A multifamily property located in the Buckman neighborhood of Portland, Oregon. With this acquisition, Fourth Avenue Capital now owns 25 assets across its portfolio, including six other properties in the Portland MSA.
Originally built in 2008 as condominium units, 2121 Belmont is comprised of 123 oversized apartment units averaging approximately 981 square feet. The property offers high-end interior finishes including real hardwood floors, gas ranges, stainless steel appliances, and central heating and air conditioning. Despite its boutique scale, the property features concrete and steel Type I construction, delivering a distinct resident experience highlighted by a 1:1 parking ratio. Amenities include a fitness center, onsite leasing office, dog wash station, and bike storage.
“We targeted this asset because of its differentiated product type — Type I construction, large unit sizes, and dedicated parking for every residence,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “We believe the opportunity to acquire this level of quality at approximately half of replacement cost, combined with its unique features, will yield a durable competitive advantage and create outsized value for our investors.”
“We are excited about this acquisition given the unique attributes of the asset and cyclical recovery of the market. We look forward to executing our value-add business plan in conjunction with our partners at FAC and PCCP,” said Andrew Gindy, Managing Partner at Range Equity Management.
Fourth Avenue Capital is a real estate investment, development, and operating company headquartered in Seattle and Spokane, Washington focused on middle market multifamily assets in the Pacific Northwest. FAC has acquired over 1,250 units/ beds to date and has a development pipeline exceeding 500 units and $150M cost. FAC’s existing assets under management total more than $350M.
Fourth Avenue Capital plans to expand its portfolio through strategic acquisitions, leveraging strong relationships with industry partners and its ability to identify attractive investment opportunities. By aligning investor interests and implementing sustainable practices, the company aims to create lasting value while making a positive impact on the communities it serves.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $25.3 billion in assets under management on behalf of institutional investors as of December 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.
