The Matteson Companies of San Mateo, California recently announced the acquisition of Prairie Park Apartments, a 244-unit apartment complex located at 11510 NE 112th Drive in Vancouver.
Prairie Park Apartments was constructed in 2008 and is situated on a little more than ten acres. It will be renamed “Reflections at the Park” shortly after acquisition, according to Matteson.
The property was acquired late last month for $21 million from a local developer/owner. Norris & Stevens represented the seller.
“Prairie Park is an example of our investment strategy to acquire newly-built multifamily projects at a discount to replacement cost,” said John Bellack, Matteson’s president. “We continue to invest in apartment properties in the major metropolitan areas on the West Coast to achieve attractive cash yields on fundamentally sound real estate.”
The Prairie Park Apartments is Matteson’s sixth investment in the Portland metro area, including four multifamily properties.
