CBRE has announced the sale of Storyline, a 147-unit multifamily community in Downtown Portland, to an affiliate of The Wolff Company, an Arizona-based multifamily investment firm, for $46.3 million ($314,965 per unit).
CBRE’s Josh McDonald, Phil Oester and Joe Nydahl represented the seller, Mortenson and HQ Capital Real Estate, in the transaction.
Located at 1177 SW Market Street, the 14-story building was originally constructed in 2018. The unit mix is comprised of studios, one- and two-bedroom apartments. Amenities include a rooftop lounge, fitness studio, clubroom and pet station. The property is adjacent to I-405, connecting the area to the rest of the Portland metropolitan area.
“The acquisition of Storyline represents a rare opportunity to purchase a Class A high-rise tower in Portland’s historic arts district, adjacent to Portland State University,” said Mr. McDonald. “The lack of future urban core supply in addition to the project’s direct access to major employers positions Storyline for significant rent growth.”
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.