Walnut Creek, CA (January 6, 2020) — PTLA Real Estate Group, a private equity company in Walnut Creek, announced the acquisition of ArtHouse Apartments in the Pearl District of Downtown Portland, OR.
The purchase of the 52-unit building brings PTLA back into the Portland market after 2 years away and includes 50 residential and 2 commercial units. The residential units are used as student housing for Pacific Northwest College of Arts, located one block from the property. The asset, constructed in 2013, has received multiple design awards and is walking distance to the Pearl Districts many restaurants, shops, and breweries.
About the acquisition, CEO Gary Guarisco said, “The property is beautiful, the location is unbeatable, and we are proud to add ArtHouse to our growing Pacific Northwest portfolio. Portland has always been one of our favorite markets, and it is exciting to return to it.”
The acquisition was purchased for $20.2 million as part of a 1031 exchange for PTLA investors. Alliant Credit Union provided financing, and CBRE represented PTLA as broker. PTLA Real Estate Group’s experienced management team will oversee operations.
ABOUT PTLA REAL ESTATE GROUP
PTLA Real Estate Group is an independent company that acquires and manages residential and commercial real estate with a specific focus in the West Coast market. In our 50 year history, we have built a team and company centered around the goal of achieving a higher standard of excellence. For more information, please visit our website at www.ptlareg.com.