BETHESDA, Md., Nov. 3, 2015 /PRNewswire/ -- Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy) announces that Multi-Employer Property Trust (MEPT), a $7.3 billion real estate equity fund it advises, has entered into a joint venture with PHK Development, Inc. to develop a $103 million project that will include 200 apartment units, more than 40,000 square feet of commercial space and 430 parking spaces at Block 137 (330 1st Street) in Lake Oswego, Oregon.
Block 137 will be the first mixed-use development to be built in downtown Lake Oswego in more than 15 years, and the joint venture team looks forward to working in collaboration with Lake Oswego community leaders to ensure both appropriate long-term stewardship of this block and a development approach that complements the existing downtown center.
Bentall Kennedy expects the upscale apartment community to appeal to a broad base of residents, including Baby Boomers seeking relocation to an amenity-rich community, families attracted to the high-performing school system in Lake Oswego, and young affluent individuals and couples that value walkability in a neighborhood setting. Lake Oswego is one of the most desirable residential locations in the Portland metro area. Due to the lack of competitive existing product within the submarket, as well as the uniqueness of the location and design of the development, Block 137 is expected to compete for residents with the leading apartment communities in the broader Portland market.
"We are very pleased to partner with PHK, a local firm with expertise in mixed-use developments, for this joint venture project. For MEPT, this investment will contribute to Fund performance and give MEPT exposure to one of the most desirable residential locations in the Portland metropolitan area," said David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. "Block 137 is aligned with the Fund's investment strategy since it's an investment in an attractive, urban center with a strong employer base, many amenities and a scarcity of rental options."
PHK Development founder Patrick H. Kessi said that the partnership with MEPT is an ideal coupling. "Our company builds for the long term, both economically and environmentally. Together our team looks forward to a long and ongoing partnership not only with each other but with the whole community of Lake Oswego," said Kessi.
Block 137 is targeted and designed to achieve LEED Gold certification. The construction activity is expected to generate over $235 million in economic impact in the Portland metro area and create a significant number of "green" jobs for members of the Building Trades.
For more information, please contact:
For Bentall Kennedy:
For PHK Development, Inc.:
PHK Development Inc.
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients and investors across office, retail, industrial, and multi-residential properties throughout Canada and the U.S. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing. Bentall Kennedy includes Bentall Kennedy (U.S.) Limited Partnership and Bentall Kennedy (Canada) Limited Partnership. For more information, visit www.bentallkennedy.com.
Multi-Employer Property Trust (MEPT) is a $7.3 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 25 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 320 institutional investors, including 10 pension plans in the Northwest. Signatory to the UN Principles for Responsible Investment, MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and has been consistently top-ranked in the U.S. by GRESB for its environmental performance. For more information, visit www.mept.com.
About PHK Development
PHK was founded on a simple principle: great spaces foster community. From conception to construction, marketing and beyond, the PHK team is committed to enhancing communities through timeless design. The best developments are a product of strong collaboration. On every project, the PHK team selects a group of professionals uniquely qualified to bring each high-quality enduring design to fruition. Our team works closely with community leaders, and together we create spaces that complement the surroundings and enrich individual communities. For more information, visit www.phkinc.com.
SOURCE Bentall Kennedy