ARA, A Newmark Company (ARA Newmark) and NGKF Capital Markets are pleased to announce the sale of Mint Urban RiverPlace, a 290-unit core asset, including a 600-stall commercial garage and 15,000 square feet of retail, located on Portland’s downtown waterfront. ARA Newmark represented the seller in the $97,200,000, or $335,172-per-unit, and $382 per-square-foot transaction. NGKF Capital Markets arranged an acquisition loan for the property.
Portland-based ARA Newmark Executive Managing Director Gail Neuburg represented the undisclosed seller in the transaction. The property was acquired by Portland-based NBP Capital, LLC, a privately-held real estate investment fund focusing on assets in the Pacific Northwest.
The NGKF Capital Markets team, led by Jordan Roeschlaub arranged the financing with Colony Capital, who provided the loan. NBP is seeking to expand their apartment portfolio and plans to combine Mint Urban RiverPlace with an existing adjacent property for a master development and redevelopment opportunity.
Mint Urban RiverPlace was constructed in 1991 and renovated in 2014. The short-term loan will allow for further renovations at the properties, including improvements of the property’s signage and unit renovations, such as new appliances, doors, fixtures, cabinets, flooring and paint. In addition to the improvements, the loan proceeds will allow the sponsor to pursue new retail tenants that will benefit from the properties’ downtown location.
Located at 2083 SW River Drive, the six-acre property totals 254,493 square feet of residential distributed across one five-story building and 12 three-story buildings. Primarily a multihousing complex, the property’s sprawling mid-rise construction, which features townhome units with private attached garages and large courtyards, are completely unique in the downtown core. Community amenities are unmatched in the market and include a state-of-the-art fitness center, a dog park and washing station, a cyber cafe, private gardens, outdoor grilling islands and large community patios. The property sits directly on the Portland Streetcar line, just blocks from the MAX light rail and within walking distance to Oregon Health and Science University (OHSU), Portland State University, downtown, the South Waterfront and the Willamette River.
“This is such a unique, core property and it is truly in the path of progress,” noted Neuburg. “With the aggressive development activity on the South Waterfront, including a new 19-acre OHSU Schnitzer Campus and a six-story hotel directly across the street from the property, as well as this month’s opening of the Tilikum Crossing Bridge, the nation’s first bridge open only to pedestrians, cyclists and public transportation, the property is perfectly located to benefit from these exciting nearby developments.”
Spencer Noecker, managing member for NBP Capital, LLC, added, “Mint Urban RiverPlace was a great fit for NBP Capital. We consider a long-term investment horizon while looking for assets that are underutilized or under performing and we purchased Mint Urban’s neighbor, Riverplace Athletic Club, in 2014 with the same outlook. With control of nearly nine acres in core downtown, we are looking at various exciting options and there is tremendous value in the underutilized 600-stall commercial garage at Mint Urban RiverPlace and the poorly-curated retail strip.” He added, “This property presents an irreplaceable setting for a downtown multihousing asset - low density, transit access, river views, townhouse units and sprawling grounds with private access roads. This simply wouldn’t be built again today, thus making the community very unique and setting it apart from the abundance of new dense construction.”
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com.