Newly Built Community in Portland’s North Pearl District Changes Hands

HFF closed the sale of and secured financing for a 243-unit multifamily property in Portland’s North Pearl District.
Waterline, Portland

Waterline, Portland

Portland, Ore.HFF recently announced closing the sale of Waterline, a newly built residential community located along the Willamette River in Portland’s North Pearl District. The company also arranged financing for the 243-unit apartment property.

HFF marketed the asset exclusively on behalf of the seller, Fore Property Co. and its finance partner. The property was purchased by Greystar at an undisclosed price tag.

Additionally, the firm worked on behalf of the new owner to place a floating-rate acquisition loan with MetLife. The HFF investment team was led by Managing Director Ira Virden and Director Carrie Kahn, while the debt placement team was led by Senior Managing Director Andy Scott, Managing Director Charles Halladay and Associate Director Michael Cosby.

“This is a perfect example of the continued healthy appetite for large, Class A, core product in urban neighborhoods. At the moment, there is a shortage of these investment opportunities across the West Coast due to investor demand outpacing supply,” said Virden.

Waterline sits on approximately 1.77 acres at 2080 NW. Front Ave. near Interstate 405, Highway 30 and various retail, dining, and entertainment venues in the Pearl District and the NW. 21st/23rd Corridor. The property was completed in 2015; the 1,112 square feet of ground floor retail space is 100 percent leased.

The community offers 243 studio, one- and two-bedroom floor plans averaging 796 square feet. Amenities include a community courtyard with curated sculptures by local artists, fitness center, yoga/Pilates conditioning studio, 268-space controlled access parking garage, sky lounge with flat screen TVs, rooftop terrace, bike racks and storage space. Unit amenities include gourmet kitchens, private patios/balconies, nine-foot ceilings, energy-efficient stainless steel appliances, 1G Wi-Fi and  in-unit washers/dryers.

Image courtesy of Waterline