The Matteson Cos., which invests in real estate on behalf of private and institutional investors, has purchased the 372-unit Clackamas Village Apartments in suburban Portland, Ore., for $20.75 million. The acquisition, announced in early July, includes the assumption of two Freddie Mac mortgages totaling $16.4 million. The property was acquired on behalf of a group of private investors.
Built in two phases in 1986 and 1989 in the city of Happy Valley, southeast of Portland, Clackamas Village includes 16 two-story, garden-style apartment buildings plus a clubhouse and pool. The 372 residential units provide a mix of one- and two-bedroom apartments ranging from 424 sq. ft. to 936 sq. ft.
Matteson has $1 billion in real estate assets under management with a strong emphasis on the multifamily sector. Based in Redwood City, Calif., the company invests in well-stabilized properties in favorable locations, or so-called core assets, and also acquires real estate assets that it can reposition or renovate as part of a value-add strategy.
The apartment purchase in Happy Valley marks Matteson’s fourth real estate investment in this down cycle. “The investment basis of under $56,000 per unit is attractive relative to other recent sales activity,” remarked Graham Chernoff, senior vice president of investments for Matteson, in a press release. “We are planning to make a number of operational and capital improvements to enhance operating performance over the next five years.”
Clackamas Village is adjacent to the 1.2 million sq. ft. Clackamas Town Center Mall and the recently opened Tri-Met Max Light Rail station. The new transit station provides convenient access to downtown Portland, Portland International Airport, and to high-tech employers in the Sunset Corridor.
Riverstone Residential, a third-party property management company based in Dallas, will oversee operations and leasing at Clackamas Village. The development will be renamed Reflections at Happy Valley.