Clackamas apartment complex sells for $20.75M to Matteson Companies – Riverstone Residential will manage the property – owners will rename the property “Reflections at Happy Valley”

Portland Business Journal – by Wendy Culverwell Business Journal staff writer

The Clackamas Village Apartments, a 372-unit property in Happy Valley built in the late 1980s, sold to a California-led investment group for $20.75 million, or $55,779 per unit.

The Matteson Cos., a real estate investment management firm based in Redwood, Calif., acquired the property on behalf of a group of private investors. The company also owns Portland’s Harrison Tower apartments.

The Clackamas Village deal includes the assumption of two Freddie Mac mortgages totaling $16.4 million. The new owners will rename the property “Reflections at Happy Valley.”

The deal comes on the heals of the June 10 sale of Tupelo Alley on North Mississippi for $38.75 million to an investment fund managed by Dallas-based Behringer Harvard in a deal that closed June 10.

Riverstone Residential will manage the property.

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