Marcus & Millichap Sells $48M Community
- Apr 07, 2017
Marcus & Millichap closed the sale of Modera Goose Hollow, a 134-unit luxury apartment community in Portland, Ore. The sale price was $47.5 million, or more than $345,000 per unit. Shelton and Kim Grant procured the buyer and represented the seller, which was a partnership between Millcreek Trust and a global real estate investment manager.
The property consists of five-, six- and seven-story buildings with studio, one- and two-bedroom units averaging 633 square feet, according to Yardi Matrix. A LEED certified community built in 2016, Modera Goose Hollow features amenities such as a 24-hour fitness center, clubhouse and a total of 101 parking spaces. Additionally, some units feature a private balcony/patio.
Located at 2004 SW Jefferson St., the development is across the street from a MAX light rail system train station. Washington Park, West Hill, the Pearl District and downtown Portland are also nearby. The company recently arranged the sale of Dawson 400, a shopping center located in Dawsonville.
“The property is a prime multifamily investment asset in one of Portland’s original residential neighborhoods,” Pete Shelton, IPA executive director, said in a statement. “The area is densely populated, extremely pedestrian-friendly and popular with students from Portland State University, which is just on the other side of the 405 freeway.”
Image courtesy of Yardi Matrix