Greystar Acquires 273-Unit Portland Community

Indigo at Twelve West

Greystar Real Estate Partners has acquired Indigo at Twelve West, a Class A multifamily community in Portland, Ore.’s West End submarket, on behalf of its real estate funds. JLL’s Northwest Capital Markets team brokered the sale. 

“We were particularly attracted to Indigo at Twelve West due to its outstanding location at the nexus of the Pearl District, Brewery Blocks and Portland’s central business district, which offers residents ease of access to work, public transit and lifestyle amenities. The neighborhood serves as a hub for the kind of food, design and cultural experiences that define Portland living,” Kevin Kaberna, executive director & leader of Greystar’s U.S. investment platform, told Multi-Housing News. 

Amenity-driven mixed-use 

Located at 430 SW 13th Ave., the 12-story property features 273 studios and one-, two- and three-bedroom apartments, as well as penthouses. Floorplans range from 540 to 2,146 square feet. The mixed-use community is LEED Platinum certified and also includes 700 subterranean parking spaces, 10,000 square feet of retail and 86,000 square feet of creative office space, with both components fully leased. As of June 2018, Indigo at Twelve West was 89.4 percent occupied, according to Yardi Matrix.

Constructed in 2009, the asset features floor-to-ceiling windows, an all-glass facade, 10- to 12-foot ceilings, eco-chic finishes including bamboo and sustainable wood flooring, central air conditioning, low-floor fixtures, washer/dryers, Energy Star gas appliances, gourmet chef’s kitchens, private balcony/patios and views of downtown. Residents have access to amenities including:

• co-working and private conference room spaces
• cardio and resistance training equipment
• movie screening room
• boutique fitness studio
• private indoor dog run
• on-site bike parking and maintenance 

JLL’s Managing Directors Buzz Ellis and Paige Morgan, as well as Vice President Adam Taylor led the commercial side, while Senior Vice President Mark Washington and Managing Directors David Young and Corey Marx led the multifamily team.

Earlier this month, Greystar tapped Straight Designs to redesign and renovate 624 units at Avana Rancho Cucamonga, an apartment community in Rancho Cucamonga, Calif. The design firm will also completely renovate the leasing office and clubhouse, as well as convert the sport court to an amenity deck along with an on-site dog park.

Image courtesy of Yardi Matrix