RealtyMogul, an online marketplace for real estate investing, announced today that it had successfully financed the Woodland Park Estates, a multi-family apartment community located in Portland, Oregon. Realty Mogul’s accredited investors used its online peer-to-peer platform to help the project’s sponsor, Trion Properties, purchase the property.
Jilliene Helman, CEO of RealtyMogul, announced:
“This transaction marks our first with an Oregon property. The Woodland Park Estates complex represented an opportunity for our investors to participate in a multifamily residential project with potential value-add rental upside through Trion’s planned renovation and repositioning program. The Portland market is a large metropolitan area and the demand for apartment assets there is solid. The transaction presented an opportunity to invest in a well-occupied multifamily property located near numerous demand drivers in a strong market.”
Woodland Park Estates is a 74-unit apartment community containing 71,194 net rentable square feet. The property is comprised of 9 two-story residential buildings, a business center, swimming pool, and on-site laundry. Trion intends to renovate nearly all of the apartments as leases expire for interior renovations, and has also budgeted for value-enhancing exterior improvements. The complex is within six miles of downtown Portland and is near several medical facilities and community colleges.
Max Sharkansky, managing partner of Trion Properties, revealed:
“This property represents a chance to manage a value-add opportunity in an apartment complex in the East Portland submarket. The anticipated renovation program is comprehensive and includes both interior renovations and exterior improvements, with the goal of bringing the rents at the complex more in line with competitive properties in the submarket. Similar business plans completed by others at nearby comparable properties have demonstrated the market’s ability to support the projected post-renovation rental rates. We were pleased to have had the opportunity to work with RealtyMogul.com on this project.”
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