Real Estate Investment Management Company Continues its Expansion in the Portland Market
BOSTON, MA — February 24, 2016 — Berkshire Residential Investments announced the purchase of Lower Burnside Lofts in Portland, Oregon. The 63-unit complex, built by Urban Asset Advisors and completed last year, was 95 percent occupied at the time of the acquisition.
Lower Burnside Lofts is a six-story mixed use building with a modest amount of retail on the first floor fully leased to a local restauranteur. Property amenities include onsite parking, a courtyard, bike room, bike and pet wash and community room on the top floor with a roof terrace.
“Lower Burnside Lofts fits well into Berkshire’s strategy of investing in markets where we feel there are positive growth prospects and strong fundamentals,” said Eric Schrumpf, Senior Vice President, Multifamily Acquisitions at Berkshire. “The property is in a great location positioned in a vibrant neighborhood close to downtown Portland. Moreover this project is located in the same submarket where Berkshire expects to close on an additional acquisition shortly, providing our organization operational scale in the vibrant Eastside and continuing with the company’s plan to target the greater Portland market for additional opportunities to further expand the portfolio.”
Lower Burnside, situated near the Willamette River and a short walk to the city center, has increasingly become a popular shopping and dining destination neighborhood in Portland.
The purchase marked the fifth multifamily property acquisition for Berkshire in the Greater Portland market and brings the current tally of total units under management in in the area to over 600.
About Berkshire Residential Investments
Berkshire is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of September 30, 2015, Berkshire had approximately $6.0 billion in real estate assets under management.
CONTACT:
John Dobroski
Berkshire Residential Investments
617.646.2485
john.dobroski@berkshire-group.com