Pacific Oak Capital Funds Development of Wood Village Apartments in Portland-Area Opportunity Zone
July 25, 2019 | Pacific Oak Capital, LLC | Prnewswire.com
Pacific Oak Capital LLC, a sponsor of commercial real estate-focused alternative investments programs, announced today the funding of the $33 million development of Wood Village Apartments, a multifamily and retail development located in an opportunity zone in the Portland suburb of Wood Village, Oregon.
Wood Village Apartments is a 172-home, mixed-use multifamily project that includes more than 10,000-square-foot neighborhood retail center comprised of two buildings. The apartment homes will span seven separate three- and four-story buildings and include studio, one-, two-and three-bedroom models between 361 square feet and 1,325 square feet. The development will include a community clubhouse and pool.
“Wood Village currently enjoys the lowest vacancy rates in the Greater Portland region as well as the lowest rate of new multifamily construction in the sub-market since 2010,” said Keith Hall, co-founder of Pacific Oak. “This is an attractive combination that we believe will make Wood Village Apartments a great success.”
