CONAM Strategic Investments Fund IV LP, a discretionary fund sponsored by The CONAM Group (CONAM), announced the purchase of Skylar Grand, a 170-unit Class A multi-family community with 5,698 SF of retail in Portland, Oregon. This property adds to CONAM’s portfolio within Portland and is the first deal in Fund IV.
Completed in 2022, Skylar Grand offers a variety of floorplans including studios, one-, two- and three-bedroom units with high-end finishes and features such as premium stainless-steel appliances, air conditioning, full wall tile backsplashes, quartz countertops and designer cabinetry. The property features a highly desirable community amenity package including a top-floor outdoor terrace with panoramic views, BBQ and fire table, social lounge with a full kitchen, large flatscreen TV and shuffleboard table. The community boasts ample bike storage, a dog wash, a residential lobby, a coffee lounge, and a club-quality fitness centre. Skylar Grand achieved LEED Gold certification, the result of the quality construction and low-impact materials used as well as the energy efficiency of the property.
“CONAM has been focused on finding high-quality assets at an attractive cost basis. We are pleased with the acquisition of Skylar Grand as the first deal in our Fund IV, it compliments our portfolio well as we own two assets within 1 mile of Skylar Grand,” says Robin Elihu, CONAM’s Western US Acquisitions Director. “Skylar Grand is a stunning property with panoramic views of Portland and walkability to award-winning restaurants, bars, cafes, and breweries. It offers residents a phenomenal live, work, and play environment in an unmatched location.”
Located within one of Inner Eastside’s newest and most vibrant neighbourhoods, Burnside Bridgehead, Skylar Grand is directly on the Portland Streetcar A and B loops while also earning a perfect 100 “Bikers Paradise” Bike Score, residents have easy access to the best of the Inner Eastside. The asset is minutes away from the Moda Center, home to the Portland Trailblazers and just three blocks away from the Willamette River and Eastbank Esplanade pedestrian and bicycle trail that offers quick entry to its 2.7-mile loop connecting to Willamette Greenway on both sides of the river.
Portland ranked as a top tech market in the nation, with over 20% of all new jobs created being in the tech industry. More than $800 million of technology-related venture capital has been raised in Portland over the last 5 years. Per the Oregon Employment Department, software jobs are growing at a double-digit rate, placing Oregon third after Washington and Massachusetts for the highest concentration of software developers in the country. Tech companies are drawn to Portland’s affordability, culture, and sustainable ethos, along with relatively affordable office lease rates when compared to San Francisco, Seattle, and Boston.
Looking forward, CONAM continues to evaluate opportunities that align with our investment strategy in Fund IV. We are active buyers within the market and are excited to continue to grow the portfolio nationally.
