JLL Arranges JV Equity Partnership for Portland Property
- Oct 23, 2019
Working on behalf of developer Alamo Manhattan, JLL has arranged a joint venture equity partnership with MetLife Investment Management for the construction of Block 40, a 232-unit luxury multifamily property in the South Waterfront neighborhood of Portland, Ore.
The JLL Capital Markets team representing Dallas-based Alamo Manhattan was led by Senior Managing Director Ira Virden, Senior Director Mark Erland and Directors Matt Benson and Charlie Watson.
Scheduled for completion in late 2021, Block 40 is being built on a 1.06-acre site at 3838 SW Macadam Ave., less than one mile south of the Central Business District. The transit-oriented development is next to Oregon Health & Science University, which is undergoing a 1.1 million-square-foot expansion. The Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram are steps from the development. The South Waterfront neighborhood has become one of Portland’s most desirable live/work communities with more than $3 billion in development including the OHSU additions.
The mixed-use Block 40 project will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet. The development will also feature about 6,500 square feet of ground-floor retail and 174 parking spaces. Amenities planned for the property include a rooftop terrace with firepit, seating and TVs; courtyard with water fountain, fire pit, grilling area and seating; fitness center with Technogym; a dog park and dog washing station.
Alamo Manhattan Projects
Alamo Manhattan has two other multifamily properties in Portland, including Ella, a 199-unit LEED Gold-certified development completed in 2016 that is also located in South Waterfront. The company is building Columbia, a 20-story, 348-unit, Class A community with about 15,000 square feet of retail in the CBD scheduled for completion by the end of this year. In January, HFF arranged a four-year construction loan for Alamo Manhattan to develop Columbia. HFF’s Erland, Benson and Watson were also involved in that transaction.
In addition to Portland, Alamo Manhattan’s portfolio includes multifamily properties in Dallas; Bellevue, Wash.; and San Antonio and Bryan, Texas. Founded in 2010 to pursue new development opportunities in core urban markets primarily in Texas and the West Coast, the firm has completed, or has under construction, approximately $800 million in development projects. Alamo Manhattan has a development pipeline on sites it either owns or controls totaling more than $550 million.