(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property sold for $48.5 million, or $306,962 per unit.)
PORTLAND, ORE., May 10, 2021 – JLL Capital Markets announced today it closed the sale of Northpointe, a 158-unit luxury multi-housing property located in Portland, Oregon.
JLL represented the seller, a partnership between Fore Property Company and Principal Real Estate Investors, to complete the sale to the buyer, an affiliate of The Wolff Company.
Completed in 2019, Northpointe totals 106,568 residential square feet and 3,748 square feet of commercial space. The property offers studio, one- and two-bedroom floorplan options that boast luxury-grade, modern finishes, such as quartz countertops, in-home washer and dryers, stainless steel appliances, solar shades and luxury vinyl plank flooring, with private balconies or patios and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge.
Located at 1314 N Skidmore St. in one of Portland’s most transit-orientated neighborhoods, Northpointe is within walking distance from the TriMet Yellow MAX line and 1.1 million square feet of the city’s most popular dining and shopping destinations via the N. Mississippi and N. Interstate retail corridors. The property also offers convenient access to many of the city’s largest employers, with over 129,000 jobs accessible by public transit or on foot. North Portland has received substantial investment in its retail infrastructure over the last 10 years, leading to notable population growth and attracting some of the most affluent renters in the Portland MSA. Between 2010 and 2020 the area experienced 46 percent rent growth and boasts a vacancy rate of four percent.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“Northpointe presents an opportunity with tremendous growth potential due to its transit-oriented, North Portland location with close proximity to large employers, such as one of the biggest athletic retailers, a global automotive supplier and Legacy Health, which continue to expand in the region,” says Virden. “With a very limited pipeline of new housing supply coming in Portland, this asset is poised for tremendous growth.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.