Lincoln Property Opens Portland Luxury Tower
The 17-story waterfront community is located in the Pearl District.
The Sutton, interior. Image by Andrea Lonas Photography courtesy of Lincoln Property Co.
Lincoln Property Co. has opened The Sutton, a 236-unit luxury multifamily community in Portland, Ore. Lincoln collaborated with investment partner Bridge Investment Group. and architecture firm TVA, while Andersen Construction served as general contractor.
The developer drew an undisclosed amount from an $86.7 million construction line of credit financed by ACORE Capital for the project, Yardi Matrix data shows.
The 17-story tower comprises studio, one- and two-bedroom floorplans ranging from 392 to 1,662 square feet. Apartments feature quartz countertops, in-unit washers and dryers and private balconies or patios for select units. Common-area amenities include a fitness center, pet spa, game room, coffee bar and landscaped rooftop terrace, along with EV charging stations.
Located at 1550 NW Naito Parkway, in an Opportunity Zone, the waterfront property is within the eclectic Pearl District. As a highly walkable area, the neighborhood features numerous retail, dining and nightlife options. The community is also close to Interstate 405, roughly 2 miles from downtown Portland and 3 miles from the Legacy Emanuel Medical Center.
Portland’s multifamily market has slowed down in line with national trends, but it has remained noticeably healthy, according to a recent report. In 2022, 4,973 units were delivered, with more than 11,600 underway, while the investment volume rose to $1.6 billion. In the first quarter of 2023, construction started on more than 800 units in the metro, Yardi Matrix data shows.
