San Diego real estate investment firm will spend $1 million rebranding and renovating a 123-unit luxury community in Portland’s affluent Northwest District.
(San Diego, Calif.) Jan. 11, 2018 – San Diego based commercial real estate investment firm SENTRE has acquired The Thornton (formerly “Tess O’Brien”), a 123-unit urban apartment community in Portland, Oregon, for $25.5 million, or $207,000 per unit. This purchase marks SENTRE’s expansion into the Pacific Northwest and will include a re-brand and estimated $1 million renovation of common areas and unit interiors to enhance residents’ urban living experience.
“We are excited to make our first investment in the dynamic Portland market. We believe our highly differentiated 15,000 square foot indoor and outdoor amenity package, efficient and reasonably priced studio units, and the well regarded and highly amenitized Slabtown location will position The Thornton for long term success,” said Doug Arthur, CEO and President of SENTRE.
Originally built in 2016 and leasing to stabilization in just ten months—last year’s fastest “lease up” among Portland properties with more than 50 units—The Thornton is located at 1953 NW Overton Street in the desirable Northwest District, placing residents in an affluent live-work-play environment within walking distance to Downtown Portland.
Although in pristine condition, property improvements will extend to a comprehensive upgrade of common amenities on the ground floor including the fitness center, clubhouse and exterior seating, as well as signage, landscaping enhancements and various upgrades to unit interiors. Renovations are slated to begin in January 2018 with completion by Fall 2018.
The Thornton is one of several SENTRE multi-family properties acquired and/or developed during the past six years under the “SENTRE Living” brand, which primarily focuses on acquiring highly amenitized properties in the most desirable urban locations throughout the Western United States.