Foursquare Church Sells The Linden to Grand Peaks Properties
Portland, OR (Dec. 9, 2016) – Coldwell Banker Commercial Advisors (CBC Advisors) today announced that Lee Black, managing principal of the Woodland Hills, CA office of CBC Advisors, represented the Foursquare Church in the sale of the Linden, a six-story midrise building consisting of 132 units, with 7,000 square feet of ground level retail. Grand Peaks Properties, Inc. of Denver, Colo. purchased the multifamily complex for $39 million.
“We couldn’t be more pleased to have worked with the Foursquare Church and Grand Peaks Properties on this exciting deal,” said Lee Black. “We’ve represented the Foursquare Church for several years in repositioning certain non-core assets around the country. This was a very successful transaction in a very competitive market.”
CBC Advisors co-listed the Linden with local brokers, Joe Nydahl and Phil Oester of Berkadia Real Estate Advisors in Portland to market the property. “The Linden is a unique apartment community in Portland’s emerging eastside and the marketing effort produced lively investor interest, generating 45 property tours and 15 qualified offers. The Linden makes an exceptional urban compliment to Grand Peaks’ existing multifamily holdings in Portland,” said Oester.
The Linden was built in 2013 and is located in the heart of Portland’s Eastside. It provides one of the largest rooftop areas in the city and offers scenic views of the river and downtown. The Portland submarket has been under 4% vacancy since the Linden was built and is considered a top multifamily market nationwide.
“Our entire team enjoyed and appreciated the character and professionalism of Lee and his partners,” said Jonathan Phillips, Director of Financial Services at The Foursquare Church.
As a full-service commercial real estate brokerage, CBC Advisors represents world-class office, retail, investment, industrial and multifamily projects while providing institutional-grade asset services nationwide. More than 500 CBC Advisors professionals advise clients from 30 offices nationwide.