Property: The Parker
Property type: Mid rise
Location: Portland, Oregon
Purchase price: Withheld
In March, Waterton reentered the Seattle market four years after it exited with the purchase of the 123-unit 128 on State property in Kirkland, Washington.
Now, the Chicago-based apartment owner is back in another Pacific Northwest hub — Portland, Oregon. Waterton moved into the market with the purchase of The Parker, a 177-unit apartment community, according to a news release.
“Portland saw quite a bit of disruption during the pandemic, but now we’re starting to see certain pockets, including the Pearl District, improve significantly,” Kevin Ibasco, vice president of acquisitions at Waterton, told Multifamily Dive. “We believe the market will continue to recover, and the long-term fundamentals still remain favorable.”
The Parker sits 1 mile north of downtown Portland and adjacent to the Slabtown submarket. Its location in the Pearl District provides residents with convenient access to Interstate 405 and several employment centers and is within walking distance to retail and lifestyle amenities.
The Parker offers one- and two-bedroom apartments and amenities that include an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a full kitchen and business center.
The property was built in 2014 with more open and efficient unit layouts relative to other properties in the area, Ibasco said.
Waterton plans a light value-add program at The Parker, which will include new backsplashes, flooring, lighting, plumbing fixtures, shades, mirrors and refreshed cabinets.
“The units are also in their original condition, so there is an opportunity to bring them to a modern finish level,” Ibasco said.
The Parker probably won’t be Waterton’s last purchase of the year. Ibasco sees more buying opportunities ahead for the company.
“We believe there will be more deals coming to market in the second half of the year due to volatility in the capital markets as well as upcoming debt maturities,” he said. “We will continue to be selective and target high-quality, well-located assets that provide positive leverage and are priced below replacement cost.”
Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday.