#United States #Portland #Fourth Avenue Capital #2121 Belmont #Range Equity Management

Acquisition of 2121 Belmont Apartments in Portland

Fourth Avenue Capital, in collaboration with Range Equity Management and PCCP, has successfully acquired the 2121 Belmont Apartments, marking a significant milestone in their real estate portfolio. Situated in the vibrant Buckman neighborhood of Portland, Oregon, this stabilized Class-A multifamily property is a standout addition to their collection, showcasing a commitment to quality and strategic growth.

Originally constructed in 2008, the 2121 Belmont complex consists of 123 spacious apartment units, each measuring an average of approximately 981 square feet. The development boasts a range of high-end interior finishes, featuring real hardwood floors, gas ranges, stainless steel appliances, and central heating and air conditioning systems. Its boutique architecture, underpinned by durable concrete and steel Type I construction, ensures a distinctive living experience for residents, enhanced by an impressive parking ratio of 11 spaces for every unit.

Among the notable amenities offered are a fitness center, an on-site leasing office, a dog wash station, and dedicated bike storage, providing residents with convenient options tailored to modern urban living. According to Davis Vaughn, Managing Partner at Fourth Avenue Capital, the decision to target this asset stemmed from its unique characteristics, including its substantial unit sizes and generous parking facilities. He elaborated, "We believe that acquiring this level of quality at approximately half of replacement cost, combined with its unique features, will yield a durable competitive advantage and create significant value for our investors."

The strategic location of 2121 Belmont places it in the heart of Portland's rapidly developing Central Eastside, particularly along Belmont Street, which serves as a thoroughfare for residents seeking easy access to downtown and local amenities. Dining, nightlife, and public parks are all within strolling distance, underscoring the appeal of urban life in this burgeoning neighborhood. Andrew Gindy, Managing Partner at Range Equity Management, expressed enthusiasm about the acquisition, highlighting the property's unique attributes and the favorable cyclical recovery expected in the market. He commented, "We are eager to implement our value-add business plan in collaboration with our partners at FAC and PCCP."

Fourth Avenue Capital, headquartered in Seattle and Spokane, focuses on middle-market multifamily assets in the Pacific Northwest. To date, the company has acquired over 1,250 units and maintains a development pipeline exceeding 500 units valued at over $150 million. With an existing asset portfolio totaling more than $350 million, Fourth Avenue Capital aims to bolster its growth through strategic acquisitions while fostering long-term value and community impact through sustainable practices.

Range Equity Management, established as a private investment platform in Los Angeles, specializes in operational real estate ventures. With partners experienced in managing over $4 billion in transactions, the firm strategically invests across various property types, reinforcing its portfolio with promising opportunities. Meanwhile, PCCP, a notable player in real estate finance and investment management with over $25.3 billion in assets, stands ready to support growth initiatives in collaboration with Fourth Avenue Capital and Range Equity Management.

As the real estate market continues to evolve, the acquisition of 2121 Belmont Apartments not only marks a significant achievement for all parties involved but also underscores the ongoing demand for quality multifamily housing in key urban locations like Portland. The emphasis on sustainable growth and community impact is a promising indication of the future trajectory of these investment firms in the Pacific Northwest's bustling real estate landscape.