Lighthouse Partners acquires a 150-unit Community in the Pearl District of Downtown Portland, OR
Irvine, California, May 3, 2017: Lighthouse Partners, LLC has successfully acquired a 150-unit community called the Fremont Apartments (“Fremont”) in the renowned Pearl District of Portland, OR for $22,750,000 (or $151,667 per unit). The Fremont Apartments represent Lighthouse Partner’s sixth acquisition and second in Oregon. Don Drake of Melvin Mark represented the seller in the transaction. Debt financing from Freddie Mac was arranged by Brian Eisendrath, Annie Rice and Cory Wizenberg of CBRE Capital Markets. John Fuller of TICOR Title provided the title and escrow services. Apartment Management Consultants has been retained to provide property management services.
Fremont is ideally located within walking distance of endless entertainment and dining options in the prominent Pearl District. Being in Downtown Portland, residents benefit from proximity to employment and access to public transportation. Fremont offers residents the best of everything; modern urban living, high-end finishes at affordable rates, and an incredible location. The property was built in 2012 and consists of 150 apartment units with approximately 2,140 square feet of occupied retail space. Fremont was designed by Portland-based Fosler Portland Architecture and is Portland’s first large scale micro-studio apartment complex.
The apartment interiors offer residents all the modern amenities and finishes expected from other newly constructed buildings. Community features include resident elevators, secure bike parking, library with complimentary Wi-Fi, garden area, BBQ area, clubhouse with billiard room, onsite laundry facilities, and secured entry. The apartment interiors have very efficient floor-plans with modern features: 9-12 foot ceilings, stainless steel appliance package, European cabinets, granite counter tops, and ceiling fans. Additionally, the community features 2,140 square feet of leased ground floor retail and an off-site parking lot providing 33 parking spaces. Given Fremont’s central location, residents are within walking distance to Portland’s renowned Max Light Rail (commuter train) and the Street Car System.
According to Andrew Newton, Principal at Lighthouse, “Fremont offers a very unique product by providing efficient, yet luxurious apartments with a complete amenity package for rent levels far below other newly constructed, high-end communities in the Pearl District. This is the ideal housing option for young professionals, students, or retirees looking for modern, attractive apartment finishes in a desirable location for a reasonable price.”
Jeffrey Fuller, Principal at Lighthouse, added that “We intend to complete some minor unit interior and amenity improvements to the property in the coming months, which will further improve the resident experience at Fremont. While these improvements are expected to improve the competitiveness of Fremont relative to other newer constructed communities, Fremont will still remain an affordable alternative to those high-end communities in the Pearl District.”
Lighthouse Partners (www.lighthousepartnersinc.com) is focused on the investment and asset management of multifamily properties. The principals of Lighthouse have overseen in excess of $6 billion in transactions totaling 45,000 apartment units throughout their careers. Lighthouse is selectively pursuing opportunities in the major metro areas of the Western US and properties that offer some component of value-add and operational upside. The primary source of equity for its acquisitions is its extensive network of accredited investors. Through its real estate offerings, Lighthouse provides accredited investors a platform to directly invest in institutional quality multifamily real estate properties. To be added to future distribution of Lighthouse investment opportunities, please email [email protected].
For further information, please contact:
Andrew Newton ([email protected]) or Jeffrey Fuller ([email protected])
