SENTRE Acquires Portland, Ore. Residential and Retail Property for $28.75M
Commercial real estate investment firm expands its West Coast footprint with second Pacific Northwest acquisition in one year
(San Diego, Calif.) Oct. 26, 2018 – San Diego-based commercial real estate investment firm SENTRE has acquired a 64,000 square foot residential and retail mixed-use property in Portland, Ore. for $28,750,000 or $250,000 per unit net of retail. The transaction marks SENTRE’s second entry into the Pacific Northwest market, following last year’s acquisition of The Thornton in Portland.
“SENTRE is pleased to continue investing in the Pacific Northwest by acquiring a unique apartment portfolio along Division Street in the epicenter of Portland’s vibrant restaurant scene,” said Doug Arthur, President and CEO of SENTRE. “We plan contemporary renovations and a strategic rebrand of the property that embraces local culture and will create a destination for the new generation of professionals settling in Portland.”
Completed in 2014 and LEED Platinum Certified, the 93-residential units over retail property will be rebranded as Anthology on Division and is a collection of three buildings located at 3330, 3339 and 3360 SE Division Street. At its ground level, nine tenants encompass 12,350 square feet of retail space and include several of Portland’s most well-known food establishments, such as popular creamery Salt & Straw, which opened a San Diego outpost in Little Italy this year.
SENTRE plans to invest approximately $1 million in contemporary exterior and interior property enhancements. Renovation plans include a comprehensive rebrand intended to strengthen continuity between the three buildings, lobby and signage enhancements, upgraded apartment finishes, enhanced technology and efforts to further the connection between residents and retail tenants.
In line with SENTRE’s collection of multi-family properties throughout the West Coast, Anthology on Division provides an authentic and immediate live-work-play environment in walking distance to the sought-after Division Street corridor and a short bicycle ride to the heart of downtown Portland.
Since 2011, SENTRE has acquired, sold and/or developed more than $200 million in assets under the “SENTRE Living” brand, which primarily focuses on acquiring highly amenitized properties in the most desirable urban locations throughout the Western United States.