PORTLAND, OR – San Francisco-based real estate company Hamilton Zanze (HZ) has acquired the 175-unit ArLo apartment community in Portland, Oregon.
The purchase marks the company's sixth acquisition in the Portland market. Newly built in 2019, the community is located just off Interstate 5 and North Interstate Avenue, and provides access to downtown Portland, Vancouver, WA, Portland International Airport, and major regional employers.
"ArLo was an excellent opportunity to buy a brand new property in a great submarket from a great developer," said David Nelson, General Manager, Acquisitions, Hamilton Zanze. "We believe that the modern, vintage package of amenities and prime location of the property in the inner East Side will provide residents with the quality of life they want in the urban core of Portland. We look forward to our continued growth in this area."
ArLo was 99.0% occupied at the time of purchase. The community is located on 6015 N Interstate Ave in the coveted Northwest Portland submarket, approximately 10 minutes from downtown Portland. The 175 units range from 367 to 1,100 square feet with 11 different floor plans. Communal facilities include a rooftop lounge and terrace, game room, fitness center and communal lounge.
HZ's capital improvement plan includes installing a smart rental, repairing locks and doors, adding a dog park, and improving the landscaping. In addition, the management of the property was transferred to the HZ subsidiary Mission Rock Residential.
Source: Hamilton Zanze
