VergePointe’s Oregon City Project Fetches $52.5M
In a $52.5 million deal that closed August 25, Firm client VergePointe Capital sold a residential project in Oregon City to an affiliate of the Randall Group. The Oregon City project included 185 townhomes and a 117-unit apartment complex, and the transaction was completed through a series of investment limited liability companies. VergePointe first acquired a series of undeveloped lots in 2011 from Banner Bank with the Firm’s assistance and then built out the project, which was completed in late 2013. The sale of the residential project is subject to a restrictive covenant to avoid it being converted to condominiums or other forms of fee ownership until the end of 2023, which will protect it against construction defect claims from a homeowners association. This is one of the largest residential projects ever sold in Oregon City. Matt Vance and Scott Roberts managed the investment in the Landing for VergePointe Capital. Lane Powell Attorney Annie Robertson created the investment limited liability companies for VergePointe, and Shareholder Mike Silvey assisted our client on the real estate aspects from 2011 through the recent closing, and was greatly aided by Shareholder Jeremy Bader.