20th on Hawthorne was a small, boutique, infill mixed-use community with 51 apartment units over three retail tenants in the popular South-East Portland neighborhood of Hawthorne Street, and just across the Willamette River from downtown Portland. Completed in 2009, in great physical condition, and institutionally owned and managed, the business plan focused on improving operations with a strong on-site team and oversight. Through our ownership, some hurdles occurred, including the pandemic and local operational restrictions put in place in response. While timing is everything, the future outlook for housing in Portland remains strong, and we had solid buyer interest in the opportunity.
Our recent sales have been a great result for our investors, further solidifying the Fund Team's reputation in investment, management, the creation of value, and maximizing return for our investors.
As always, we haven’t done this without some help, and a big thanks to property management, accounting, the debt shop, and all the rest of the Sares Regis Group associates who touch our business and help us in our success.
William B. Montgomery
Chief Investment Officer
Sares Regis Multifamily Funds