Hamilton Zanze has sold the Preserve at Sunnyside, a 108-unit value-add multi-housing community located in Clacakamas submarket of Portland, Ore., for $28.2 million. The new owner is RISE Properties Trust.
“We are glad to pass along this community to another owner who will benefit from the thriving submarket, desirable location, and the substantial improvements we made to units and amenities over our seven years of ownership,” said Anthony Ly, director of dispositions for Hamilton Zanze.
Built in 1991, the Preserve at Sunnyside comprises nine garden-style residential buildings with a mix of one-, two-, and three-bedroom units averaging 1,025 square feet. The pet-friendly community features an outdoor pool and spa, clubhouse with full kitchen, covered parking, a dog park, and a playground. The property has been partially renovated, leaving an opportunity for new ownership to complete renovations and capitalize on the submarket’s substantial rent growth.
Sit
