Sares Regis Multifamily Value-Add Fund II, L.P (“SRMF VA-II”) is pleased to announce the sale of its last investment, The 20 on Hawthorne (“Hawthorne”), located in the Southeast Portland neighborhood of Hawthorne Street in Portland, Oregon, on November 19, 2021.
SRMF VA-II acquired Hawthorne, a 51-unit mixed-use multifamily community sitting atop a one-story concrete podium deck that houses three retail spaces totaling 4,981 square feet, a 34-space parking garage, and a leasing center in August 2017. Built in 2009 to LEED Gold certification standards, the property is situated on 0.4 acres and immerses its residents in one of Portland’s most desirable urban neighborhoods with access to major employers in the greater Portland metro. Residents also enjoy convenient access to excellent restaurant and entertainment amenities. Given its newer construction and impeccable condition at acquisition, the business plan focused on repositioning Hawthorne with enhanced property management to increase efficiencies and reduce the prior owner’s loss to lease, thereby bringing the units to their full market potential.
The marketing of the residences for lease included highlighting Hawthorne’s green features which include interior amenities built from recycled & renewable materials, low-flow faucets, energy-efficient appliances, and an eco-roof with drought-tolerant and native plants, and the property key central community location with walkable access to many shopping and restaurant options.