Property Name: The Morgan Apartments
Location: 1650 SE Tacoma St, Portland, OR 97202
Description: The Morgan is 4-story luxury mid-rise building built in 2017 with 44 apartment units and 1,200 square feet of leased retail. Cumberland paid $10,550,000 ($234,000/unit) and closed all cash in under 45 days.
The Morgan is located in the popular Sellwood neighborhood of Portland, Oregon just a few miles east of downtown Portland. The property has a Walk Score of 91, underground parking, a roof deck, full size washer and dryers, and some of the largest floor plans in the submarket. The Morgan is also proximate to Oregon Health & Science University (OHSU), one of the largest employers in the state.
Affinity Property Management will provide third party property management services.
Acquisition Date: October 21, 2020
Property Website: www.themorganpdx.com/