August 19, 2019
Seattle-based Thayer Manca Residential (TMR) acquired Halsey Station, a 124-unit multifamily property in Portland for $20.8 million. It is the first asset in the Rose City for the multifamily investment firm.
Thayer Manca’s Joe Manca says, “Portland’s strong economic growth continues to fuel demand for rental housing throughout the area and provides TMR with an incredible opportunity to enter the market.”
The new owner plans to make nearly $2-million in planned renovations for Halsey Station, including an enhanced pool area, addition of a pet park, upgraded landscaping, interior unit renovations, exterior capital improvements and a full rebranding strategy.
Halsey Station was built in two phases starting in 1989, and has addresses in both Portland and Gresham. The Gresham submarket east of downtown Portland is home to four of the largest employers within the Portland metro area, including Boeing, On Semiconductor, Microchip Technology and US Bank.
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