Cumberland Holdings sponsored the acquisition of City View Apartments in downtown Portland, Oregon on September 29, 2010.
Conveniently located, City View Apartments is minutes to downtown Portland, I-405, Portland State University, and adjacent to Oregon Health Sciences University, Oregon’s 4th largest employer.
The purchase price for the property was $5,130,000 which was capitalized with private equity and a Freddie Mac mortgage of $3,520,000 arranged by HFF. It consists of 87 units offering Studio, 1 Bedroom, and 2 Bedroom floor plans. The property resides on a hillside location offering apartment homes dramatic views of the Downtown Portland.
The property was renamed City View Apartments with a comprehensive re-branding strategy focused on internet marketing. Enhancements to the community included new landscaping, exterior building upgrades, signage, and renovation of the leasing office, community room, and laundry facilities as well as unit upgrades.
In January 2016, City View was sold for $13.25M. During the 5 year ownership period, Cumberland's investors received a 345% return generating a 32% IRR.