Barings Sells Portland Community for $116M
- Sep 25, 2019
Barings has sold Riva on the Park, a transit-oriented community in Portland, Ore., on behalf of institutional investors for $116.1 million. Griffis Residential acquired the 294-unit, high-rise property at 0650 SW Gaines St.
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The LEED Gold-certified 22-story community was built in 2009 and Barings bought it from Trammell Crow Residential in 2012. The property in Portland’s South Waterfront neighborhood features studio, one-bedroom, two-bedroom and penthouse units averaging 811 square feet. Common amenities include a lobby with fireside lounge, fitness center, concierge services, and a terrace with greenery and grills.
The building also includes 13,000 square feet of ground-floor retail space, occupied by a hair salon and various dining options including Sweet Heart Pizza and Blue Star Donuts. Riva on the Park neighbors the South Waterfront campus of Oregon Health & Science University, which is undergoing a major expansion, as well as the Portland Streetcar, MAX Light Rail and Portland Aerial Tram. The property sits two blocks to the west of the Willamette River.
JLL represented the seller and procured the buyer, with Senior Managing Director Ira Virden and Senior Director Carrie Kahn leading the Capital Markets team that closed the deal on behalf of Barings. The asset was purchased free and clear of existing financing.