IPA Closes $127M Sale of Portland’s Yard Tower

The LEED Silver-certified development was completed in August 2016 and sold with 50 percent of the apartments leased.
Yard apartment tower

Yard apartment tower

Portland, Ore.—Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Yard apartment tower, located at 22 N.E. 2nd Ave. in Portland, Ore., to Land and Houses for $126.7 million.

The 21-story, 284-unit property offers studios and one- and two-bedroom apartments, 57 of which are affordable. In-unit features include city and river views, European style appliances, stainless steel quilted back splashes, condo-quality finishes, washers and dryers and private balconies and patios. Amenities include a fitness center, spa, covered parking spaces for 202 cars, electric charging stations, a rooftop terrace and 24,700 square feet of first floor retail space, according to Yardi Matrix.

“This is a pivotal transaction in Portland, firmly establishing the emerging Central Eastside neighborhood as not only a desirable place live, but the next place for institutional and international buyers to invest,” said Elizabeth Davis, IPA executive director.

Davis represented the seller, Block 67 LLC with assistance from Pete Shelton and Kim Grant. Davis also procured the buyer, along with Phillip Saglimbeni, an IPA executive director.

The Skylab Architecture-designed Yard is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. The LEED Silver Certified development was completed in August 2016 and sold with 50 percent of the apartments leased.

“Everything about this development has been unique,” Davis told Multi-Housing News, “from the land assembly, to selling a large asset pre-stabilization, to attracting a new-to-market international buyer.”

Image courtesy of Yardi Matrix