JLL Arranges Sale, Financing for Portland Asset

1 min read

Built in 2009, Tupelo Alley includes 188 units and 10,000 square feet of ground-floor retail space managed by Unico Properties.

Tupelo Alley
Tupelo Alley

After securing the AVA Stamford, an 18-story property on behalf of AvalonBay, JLL has secured the $58 million sale of Tupelo Alley, a 188-unit community in Portland, Ore. The company also arranged a $38.7 million acquisition loan on behalf of the new owner.

Located on 1.4 acres at 3850 N. Mississippi Ave. the three- and six-story building community consists of residential units and 10,000 square feet of ground-floor retail space. Unico Properties manages the retail portion of the mixed-use property. Portland’s light rail system is a 10-minute walk from the development.

Built in 2009, Tupelo Alley features a mix of studio, one- and two-bedroom units ranging from 566 to 1,238 square feet. Common-area amenities include a clubhouse, fitness center, secure bike parking, tenant storage and outdoor and indoor gathering spaces with billiards, ping-pong and barbecues. According to Yardi Matrix data, the community had an average rental rate of $1,693 as of July and was 95.2 percent occupied as of June.

JLL represented the seller and also procured the buyer, a joint venture between Holland Partner Group and Pacific Life Insurance Co. Senior Managing Director Charles Halladay and Directors Rick Salinas and Charlie Watson worked on behalf of the owner.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.