Pearl District Property Boasts Abundant Amenities and Access to Vibrant Employment Hubs
(Editor’s Note: Multnomah County public records show that an entity affiliated with Waterton bought The Parker for $52 million, or approximately $293,785 per unit. The seller was an entity affiliated with Invesco Real Estate.)
(July 19, 2023 – Portland, OR) – Waterton, a national real estate investor and operator, today announced it has acquired The Parker, a 177-unit apartment community located at 1447 NW 12th Ave. in Portland, OR. Conveniently located in the heart of the Pearl District, the six-story midrise building, is positioned just one mile north of Downtown Portland and adjacent to the lively Slabtown submarket. Its prime location provides residents with convenient access to Interstate 405, enabling connectivity throughout the entire metro area.
“We are thrilled to expand our portfolio into the Portland market with the acquisition of The Parker,” said Kevin Ibasco, vice president, acquisitions at Waterton. “This prime location in the heart of the Pearl District is well-aligned with our investment strategy and we are excited to leverage our experience to contribute to the continued growth of the Portland community.”
The Parker community offers a mix of one- and two-bedroom apartment homes with a suite of amenities including an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a full kitchen and business center. Waterton plans to implement a light value-add program throughout the rental homes and common areas. The residences will undergo upgrades, including new backsplashes and flooring as well as new lighting and plumbing fixtures, refreshed cabinets and new shades and mirrors.
The Pearl District enclave of Portland is a dynamic neighborhood located at the intersection of NW Quimby Street and NW 13th Avenue. The location and its access to Interstate 405 provides connectivity to numerous employment centers and universities in the Portland area. The local economy thrives on diverse industries such as healthcare, athletic apparel, specialty retail, technology, and advanced manufacturing. The Pearl District’s central location attracts a strong demographic profile due to its proximity to major employers, including Legacy Good Samaritan Medical Center, Oregon Health & Science University, XPO Logistics, Intel, Nike, Adidas, Lululemon, Airbnb, and Ernst and Young.
“The Pearl District offers a wide range of lifestyle amenities, including restaurants, bars, galleries and shops, making the neighborhood a desirable place to live,” explained Ibasco. “We believe the location, coupled with limited new construction in the immediate neighborhood and its close proximity to several employment nodes, will continue to attract residents to the area.”
Waterton is a real estate investment and property management company with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of March 31, 2023, Waterton’s portfolio includes approximately $10.7 billion in real estate assets.