Fourth Avenue Capital and Range Equity Management, in partnership with PCCP, have acquired 2121 Belmont, a stabilized multifamily property located in the Buckman neighborhood of Portland, Oregon.
This acquisition brings Fourth Avenue Capital’s portfolio to 25 assets, including six other properties within the Portland metropolitan area. Originally constructed in 2008 as condominium units, 2121 Belmont consists of 123 oversized apartment units, with an average size of approximately 981 square feet.
“We targeted this asset because of its differentiated product type — Type I construction, large unit sizes, and dedicated parking for every residence,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital.
Strategically positioned in Portland’s Buckman neighborhood, 2121 Belmont sits in the heart of the city’s rapidly evolving Central Eastside.
“We are excited about this acquisition given the unique attributes of the asset and cyclical recovery of the market. We look forward to executing our value-add business plan in conjunction with our partners at FAC and PCCP,” added Andrew Gindy, Managing Partner at Range Equity Management.
