Home Finance Two Portland Multifamily Communities Sell for Combined $109MM

Two Portland Multifamily Communities Sell for Combined $109MM

CBRE, Sky3, Portland, The Molasky Group, North Hollow, The Wolff Company
Courtesy of CBRE.

Portland – July 29th, 2021 – CBRE has announced the sale of North Hollow and Sky3, two multifamily communities in Portland, to an affiliate of The Wolff Company, a Scottsdale, Ariz.-based multifamily investment firm, for a combined price of $109 million.

CBRE’s Joe Nydahl, Josh McDonald and Phil Oester represented the seller of both properties, Las Vegas-based real estate development firm The Molasky Group, in the transactions.

Located at 1551 SW Taylor Street in the Goose Hollow District, North Hollow was originally constructed in 2018. The community features 121 units with a mix of studio, one- and two-bedroom apartments. Community amenities include a rooftop deck, outdoor kitchen, courtyard, outdoor movie theater, fitness center, pet washing station and direct access to public transportation.

Sky3 is located at 1221 SW 11th Avenue and was originally constructed in 2017 in Portland’s Arts District. The 15-story building is comprised of 196 units with a mix of studio, one- and two-bedroom apartments. Community amenities include bicycle storage, clubhouse, fitness center, pet washing station and on-site coffee shop.

“North Hollow and Sky3 are exceptional assets in the heart of downtown Portland, with proximity to major employment centers,” said Mr. Nydahl.

The CBRE team also represented the buyer in the transaction.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.