Firm sued over Eugene student housing deal

The Associated Press /

EUGENE — A lawsuit filed in Eugene accuses a real estate firm of improperly trying to back out of a deal to buy four recently built apartment complexes near the University of Oregon.

Dan Neal, a prolific local developer of student housing, wants a U.S. District Court judge to either force Harrison Street Real Estate Capital LLC to buy the properties or let Neal keep the nearly $2 million in earnest money the Chicago-based firm put down in May.

“The parties are discussing a potential resolution of the dispute,” Neal wrote in an email to The Register-Guard. He declined to provide more specifics. Harrison Street has yet to file a reply in court and did not respond to a request for comment.

The lawsuit does not list the proposed sale price. The four properties have a combined market value of about $35 million, according to the Lane County assessor's database.

The lawsuit comes as developers from around the country are piling into the Eugene market with plans to build student housing.