Portland Luxury Asset Sells for $24M

Kidder Matthews assisted C.E. John Co. in the disposition of a 51-unit high-end property located in the Alphabet District.
The George Besaw
The George Besaw. Image courtesy of Kidder Mathews

C.E. John Co. has sold The George Besaw, a 51-unit luxury community in Portland, Ore. The LEED Gold-certified asset traded for $23.6 million. Kidder Mathews’ Clay Newton, Jordan Carter and Tyler Linn represented the seller in the deal.

Located at 2323 NW Savier St. in Portland’s historic Alphabet District, the building is roughly 3 miles northwest of the city center. The immediate area holds various shopping and dining options. The building is close to U.S. Route 30 and Portland International Airport is situated some 11 miles northeast. The George Besaw is also less than 4 miles northwest of a 232-unit luxury multifamily development underway in the South Waterfront neighborhood.

Completed in 2018, the community occupies a historic four-story building dating from 1903. C.E. John Co. purchased the property in 2011 and redeveloped it into residences with 7,000 square feet of ground floor retail.

The George Besaw offers studios, one- and two-bedroom apartments with an average size of 609 square feet. According to Yardi Matrix data, the property was 92.2 percent occupied as of October. The retail component has Pine State Biscuits, Life of Pie, Moberi and The Barbers on the tenant roster.