w4sRNRnDzFBTgd1_Mjj1n6u21mf3GsFbOHfxOMR0U7wCumberland Holdings acquired the 73 unit Hermitage Apartments located in Portland, Oregon on December 17, 2012. It represented Cumberland’s third acquisition in 2012.

The property will be renamed Connery Place Apartments with a comprehensive internet branding strategy. Constructed in 1977, it is a garden style community consisting of 12 two story wood framed buildings with one bedroom and two bedroom floor plans. Amenities include surface parking, a community pool, and a laundry room. Connery Place’s location is in the artsy and eco-conscious Montavilla neighborhood within walking distance to eateries, farmers market, mass transit, Portland Community College, and several retail/commercial services. Renovations will include unit upgrades, a new leasing office, upgrade of the pool, new landscaping and development of a controlled access driveway.

“Our investment basis is incredibly low and the ability to increase rents with renovations is substantial,” says Graham Chernoff, President of Cumberland Holdings. “We believe this is a compelling investment in one of Portland’s most up and coming neighborhoods.”

The purchase price was $3,875,000 capitalized with private equity and a mortgage arranged by HFF and Sterling Bank.

Cumberland Holdings is an investment and asset management company with offices in San Francisco and Rolling Hills Estates, California.   The company current operates investments in California, Oregon, and Washington.


In February 2015, Connery Place Apartments sold for $7,100,000, a significant gain over the purchase price of $3,825,000. During the ownership period, a significant investment was made in value-add improvements and management practices that generated a 22% increase in monthly revenue collections. Over the 25 month ownership period, Cumberland’s investors received a 200% return resulting in a 43% IRR.

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