SEATTLE, WA – Greystar, a global leader in the development, investment, and management of multifamily housing, announced its first-ever residential development in Portland, Oregon. Comprising 182 apartments and approximately 8,000 square feet of retail spaces, the soon to be named project recently started construction with an official groundbreaking ceremony. Located at the corner of Southwest 18th Avenue and Southwest Salmon Street in the neighborhood of Goose Hollow, the project marks Greystar’s expansion across the Pacific Northwest, which currently includes offices in Seattle and now Portland.

“As the burgeoning city of Portland evolves in its wide array of job offerings and housing demands, we are thrilled to start construction and bring to market our first of, hopefully, many fantastic projects for local area residents,” said Aaron Keeler, Senior Director, Development at Greystar, Pacific Northwest.

Slated to open in 2021, the eight-tale community will introduce both market-rate and affordable rental residences, under Portland’s inclusionary zoning mandate. Bought from TriMet, the transit-oriented site will provide simple access to nearby light rail transportation stops including Kings Hill Station, which provides direct access to downtown Portland. The community will be minutes away from Providence Park, multiple bus stops and the 405-Interstate freeway.

Future residents will also have convenient access to Multnomah Athletic Club, Lincoln High, and Providence Park, home to Major League Soccer team, the Portland Timbers, and the American professional women’s soccer team, the Portland Thorns. Designed by SERA Architects, the community’s design will draw inspiration from New York City’s iconic Flatiron Building and reflect a sustainable design with dynamic spaces for its residents.

“At the heart of Goose Hollow’s best amenities and local entertainment, this community will introduce a modern and eclectic address for future residents looking to live in the center of one of Portland’s most exciting neighborhoods,” said Doug Burges, Director of Development at Greystar, Pacific Northwest. “We look forward to celebrating the groundbreaking of this momentous milestone for Greystar and for the neighborhood of Goose Hollow.”

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TAMPA, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, and RSE Capital Partners (RSE), one of the most active multifamily investors in the country, have bought a 360-unit apartment community in one of the most desirable parts of Tampa, Florida. Westly Shores Apartments, formerly Price Waterhouse Cooper’s (PwC) corporate campus and now market-rate apartments, was sold by an owner of multifamily assets across the nation.

American Landmark intends to inject $1 million into renovations and improvements, and will rename the property “Amira at Westly.”

The property is located five minutes from Tampa International Airport and directly adjacent to the Westshore Business District, Tampa Bay’s largest office community.

The acquisition of Westly Shores brings American Landmark’s Florida portfolio to 24 properties, with five properties in the Tampa Bay region. American Landmark currently owns and manages approximately 28,000 apartments throughout the Southeast and Texas and is adding another $2 billion in assets to its multifamily portfolio this year.

Additionally, this acquisition marks the seventeenth investment between the joint venture partners in over $875 million of multifamily assets. Last month, American Landmark and RSE bought Mezza Apartments, a 440-unit apartment community in Jacksonville, FL as well as a five-asset, 1,848-unit portfolio in the Dallas-Fort Worth metro area and the Nashville suburb of Hendersonville, Tennessee.

Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley represented the seller, with Executive Managing Director Bill Weber and Managing Director Matt Mense providing a Freddie Mac CME 10-year, fixed rate loan.

“Tampa Bay is a perennial market favorite for its consistent job growth and population growth,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The Bay area’s 27,500 new private-sector jobs – the third-highest number of jobs among all Florida metro areas made in the past year – illustrates the positive momentum this MSA continues to delight in and another reason for investing in this property.”

Built in 1999, Westly Shores is located at 6105 Paddock Glen Drive and was formerly PwC’s corporate campus. The company’s conference center was demolished, leaving room for American Landmark to build additional units and amenities. Over a third of the property’s one- and two-bedroom units have original interiors, and are primed for upgrades. American Landmark will also add a $1 million newly revamped and renovated clubhouse.

Westly Shores is well located close to major demand drivers, and is directly adjacent to the Westshore Business District, home to over 4,000 businesses, 97,000 employees, and surrounded by some of Tampa’s top shopping destinations.  Tampa International Airport is less than five minutes from the property; downtown Tampa is 12 minutes away. The property offers convenient access to Hillsborough Avenue and the I-275 and SR-60 intersection.

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SOUTH JORDAN, UT – Olympus Property announces the successful acquisition of Promenade at the District, a Class-A garden style community built in 2012 located in South Jordan, Utah. Effective immediately, the asset will be renamed Olympus at the District.  

Olympus at the District is a Class A townhome community located in the desirable city of South Jordan. The property is adjacent to The District, one of the largest mixed-use developments in Utah, with over 852,000-square-feet of theaters, restaurants, retail shops, and office buildings. It offers convenient access to Bangerter Highway for a direct route to the Salt Lake City International Airport. The property is also located within 30-minutes of Downtown Salt Lake City and Silicon Slopes which includes major employers such as Delta Airlines, Adobe, UPS, Goldman Sachs, Fidelity, and eBay. 

Olympus at the District is one of only a few multifamily communities in the submarket consisting of 100% townhomes with attached garages. The average size unit is 1,326-square-feet which is approximately 300-square-feet larger than the average apartment in South Jordan. This property offers the unique opportunity to both individuals and families looking for an apartment and not wanting a neighbor above or below them.

“South Jordan is a flourishing neighborhood in the larger Salt Lake City metroplex. The business friendly environment and high quality of life Utah provides will continue attracting employers and fueling population growth for years to come,” said Chandler Wonderly, Principal of Olympus Property.

Olympus plans to spend $800,000 on top of the existing end-outs to enhance the interiors, add minor renovations to the clubhouse, re-brand the property, paint the exterior, update exterior lighting, and add a pet park. Interior upgrades will include adding smart home packages, ceiling fans, vinyl flooring, and a lighting package further increasing the value of the asset. 

“Acquiring assets in Utah is extremely competitive. The unique townhome design and proximity to both employment and entertainment centers make this asset well positioned to provide tenants a top-notch living experience and deliver strong returns to our investors,” said Chase Bennett, Director of Acquisitions at Olympus Property.

Olympus at the District is an upscale town-home style community featuring a state-of-the-art fitness center, eco-friendly/solar powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, TVs, a fireplace, and billiards room, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchen, full-size washer and dryer, vaulted ceilings, faux-wood flooring, gas range, designer wood cabinets, oversized walk-in closets, 2.5″ wood-composite blinds, one and two car direct access garages, and a front patio for select units.

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