DSC_1609TheShannonLOGO_300pxCumberland Holdings is pleased to announce the acquisition of the 42 unit Shannon Apartments in Portland, Oregon on December 6, 2013.  The Shannon is located in one of Portland’s premier neighborhoods on 911 SW 21st Avenue. It is adjacent to the NW 21st & 23 Ave shopping and dining districts. The building, built in 1926, is on the national historic register with vintage charm and a unit mix of studios and 1 bedrooms. The Shannon is the seventh apartment complex acquired by Cumberland and its investors and under its management.

The property was acquired with 1031 exchange proceeds and a mortgage from Sterling Bank. Cumberland’s General Counsel, Scott Haynes, facilitated the legal structuring to comply with IRS regulations regarding 1031 tax deferred exchanges.

The property was acquired from a distressed partnership that had undercapitalized and undermanaged the asset. Cumberland will commence exterior and unit renovations immediately. Riverstone Residential will serve as manager.

Click photos to enlarge.

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