Fairfield Sells Luxury North Portland Community

The Perch PDX also features 6,000 square feet of retail space. Image courtesy of JLL

Fairfield Residential has sold The Perch PDX, a 141-unit luxury community in North Portland, Ore., to Green Leaf Capital Partners. Yardi Matrix shows that the partially affordable property changed hands for $31 million or $219,858, and the buyer took out a $15.4 million Fannie Mae loan to finance the acquisition.

The transit-oriented community completed in 2020 consists of studio, one- and two-bedroom floorplans ranging between 480 and 1,169 square feet, as well as 6,000 square feet of retail space. All units feature washers and dryers, quartz countertops and stainless steel appliances. A total of 28 apartments are affordable, according to the same data provider. Common-area amenities at The Perch PDX include a fitness center, clubhouse, game room, along with coworking spaces.

Located at 5325 N. Interstate Ave. in the Overlook neighborhood, the property is within walking distance of the MAX Light Rail line and several dining and retail options. Large employers in the area include Adidas’ North American Headquarters, Daimler, Genetech and Prologis Meadows.

JLL Capital Markets Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano represented the seller in the transaction and also procured the buyer.

The Perch PDX is the second property in the market to change hands between the two parties recently. Last week, Fairfield sold Sandy28, a 206-unit community on Sandy Boulevard.