NEW YORK, Feb. 3, 2016 /PRNewswire/ -- The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Springville Oaks Apartments in Portland, OR, a Class "A," 112-unit, garden style apartment community.
Developed in 2015 by a local developer, Springville Oaks is among the newest residential communities in all of Washington County, boasting homes with nine-foot ceilings, air conditioning, a private garage, washer/dryer, fully equipped kitchens with quartz or granite counters, stainless steel appliances, and a patio/balcony. In addition to being pet friendly, community amenities include air conditioned hallways and corridors, covered parking, the Greenspace walking/running trail, easy access to Claremont Golf Club, close proximity to retail shopping/dining options, controlled access and on-site management.
The residential complex is also located within the highly-regarded Beaverton School District and is just five miles from Intel's $6.0 billion expansion and six miles from Nike's $150 million expansion. In addition, Springville Oaks is just a short distance from several retail attractions including Bethany Village Centre, The Streets of Tanasbourne and Tanasbourne Town Center.
"As one of the area's newest residential communities, Springville Oaks is in the ideal position to benefit from residents looking for top-quality homes and amenities in one of the nation's strongest rental markets," said Asim Hamid of The Praedium Group.
The residential complex is at the epicenter of a major business hub with numerous blue-chip employer expansions currently driving the strong rental demand. Expansions include Intel Corporation, which employs over 18,600 and is nearing completion of its $6.0 billion facility, Nike's global headquarters which employs over 8,700 and currently adding two new office buildings for $150 million, as well as Columbia Sportswear, Genentech, Google and SolarWorld Industries.
About The Praedium Group
The Praedium Group is a privately-held real estate investment firm focusing on under-performing and undervalued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing approximately $10 billion of capital, including 73,000 multifamily units and nearly 44 million square feet of commercial space. Over the past 25 years, The Praedium Group has sponsored a series of eight private equity funds, as well as several separate investment vehicles. The commingled funds and separate accounts sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com.
The Praedium Group, LLC
825 Third Avenue, 36th Floor
New York, New York 10022
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SOURCE The Praedium Group