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.