Eugene developer files suit over real estate deal

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 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, even though enrollment has flattened after years of explosive growth.

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