California Company Buys $25.5M Portland Apartment Complex

PORTLAND, OR -- A California-based commercial real estate firm has purchased a $25.5 million apartment complex with plans to renovate. SENTRE on Tuesday said it will invest $1 million into the 123-unit urban apartment complex, The Thornton, formerly known as Tess O'Brien.

“We are excited to make our first investment in the dynamic Portland market,” said Doug Arthur, CEO and President of SENTRE. "We believe our highly differentiated 15,000 square foot indoor and outdoor amenity package, efficient and reasonably priced studio units, and the well regarded and highly amenitized Slabtown location will position The Thornton for long term success."

The Thornton, which was built in 2016, is at 1953 NW Overton Street in the Northwest District. SENTRE plans to upgrade common amenities on the ground floor including the fitness center, clubhouse and exterior seating, as well as signage, landscaping enhancements and various upgrades to unit interiors. Renovations are slated to begin in January 2018 with completion by fall 2018.

The Thornton is one of several SENTRE multi-family properties acquired and/or developed during the past six years under the “SENTRE Living” brand, which primarily focuses on acquiring highly amenitized properties in the most desirable urban locations throughout the Western United States.

For property information and updates, visit www.thethorntonpdx.com or www.sentre.com.

--Photos courtesy of SENTRE