An affiliate of Arizona-based The Wolff Co. has purchased Northpointe, a 158-unit luxury multifamily property located in Portland, Ore., from Fore Property Company and Principal Real Estate Investors.
A JLL Capital Markets team including Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano led efforts on behalf of the seller.
Completed in 2019, Northpointe encompasses 106,568 residential square feet including studios and one- and two-bedroom apartments with high-end finishes and in-unit amenities, as well as private balconies or patios in select units. Community amenities include day-and-night fitness center, conference room, rooftop deck with firepit and outdoor TV, social lounge and a bike room with repair station. Additionally, the property offers 3,748 square feet of commercial space.
Located at 1314 N. Skidmore St., the building is within walking distance of the North Prescott Street MAX station for the TriMet yellow line, which can take passengers south, toward the city core. Moreover, the North Mississippi and North Interstate retail corridors offer walkable access to several dining and shopping destinations.
Northpointe is within easy reach of many employers, according to JLL Capital Markets. Nearly 130,000 jobs are reachable either within walking distance or using public transportation, the company mentioned.
On the overall, the Portland multifamily market has fared relatively better than most coastal gateway metros in riding out the pandemic. According to a recent Yardi Matrix report, although transaction volume fell considerably, rent evolution kept its cool across metro Portland, with the average rate down just 0.1 percent to $1,430 during the fourth quarter of last year, prior to the spring season.