Cumberland Holdings announced the acquisition of the 42 unit Shannon Apartments in Portland, Oregon on December 6, 2013. The Shannon is located in one of Portland’s premier neighborhoods on 911 SW 21st Avenue. It is adjacent to the NW 21st & 23 Ave shopping and dining districts. The building, built in 1926, is on the national historic register with vintage charm and a unit mix of studios and 1 bedrooms.
The property was acquired with 1031 exchange proceeds and a mortgage from Sterling Bank. Cumberland’s legal team structured the investment to comply with IRS regulations regarding 1031 tax deferred exchanges.
The property was acquired from a distressed partnership that had undercapitalized and undermanaged the asset. Cumberland commenced exterior and unit renovations immediately. Affinity Management serves as property manager.