SEATTLE, Nov. 18, 2024 /PRNewswire/ — Fourth Avenue Capital purchased 140 Sacramento, a stabilized, newly constructed Class-A townhome property located in Portland, OR; and Sunpointe, a Class-B workforce housing asset in Gresham, OR. Fourth Avenue Capital now owns 22 assets across its portfolio, including four other properties in the Portland MSA.
Built in 2023, 140 Sacramento was built as a best-in-class for-sale townhome project with all units being 3-stories and averaging 1,919 SF. Upon delivery, it was converted to for-rent. Uniquely, the units offer a mix of two, three, four and five bedrooms offering a differentiated product for those targeting more space. Units feature high-end finishes including quartz countertops, tile backsplash, plank flooring and air conditioning, as well as direct-access garages in most units. The asset is located in the vibrant Eliot neighborhood providing easy walkable access to amenities including the North Williams retail corridor.
Sunpointe consists of 88 Class B apartment units within 13 residential buildings on 4.79 acres of land. The property features all two-bedroom, two-bath floorplans plus a one-bedroom, one-bath unit and a leasing office. The units are large averaging 984 SF offering an affordable alternative for those priced out of the single-family market. All units contain washer/dryers, and the property offers private garage and surface stalls. The asset represents a value-add investment with moderate upgrade characteristics. FAC will be updating the exterior as well as enhancing the existing common areas.
“We continue to find compelling opportunities across a range of deal profiles in the Pacific Northwest,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “We think now is a great time to be buying as we have conviction that there will be outsized growth in this region long-term and we look forward to scaling more in the Portland MSA. By being active in both the core and value-add space with opportunistic acquisitions, we will continue to create long term value for our investors.”
About Fourth Avenue Capital
Fourth Avenue Capital is a real estate investment, development, and operating company headquartered in Seattle and Spokane, Washington focused on middle market multifamily assets in the Pacific Northwest. FAC has acquired over 1,000 units/ beds to date and has a development pipeline exceeding 500 units and $150M cost. FAC’s existing assets under management total more than $300M.
Fourth Avenue Capital plans to expand its portfolio through strategic acquisitions, leveraging strong relationships with industry partners and its ability to identify attractive investment opportunities. By aligning investor interests and implementing sustainable practices, the company aims to create lasting value while making a positive impact on the communities it serves.
