IPA Closes $127M Sale of Portland’s Yard Tower – Multi

Yard apartment tower

Yard apartment tower

Portland, Ore.—Institutional Property Advisors, a division of Marcus Millichap, announced the sale of Yard apartment tower, located at 22 N.E. 2nd Ave. in Portland, Ore., to Land and Houses for $126.7 million.

The 21-story, 284-unit property offers studios and one- and two-bedroom apartments, 57 of which are affordable. In-unit features include city and river views, European style appliances, stainless steel quilted back splashes, condo-quality finishes, washers and dryers and private balconies and patios. Amenities include a fitness center, spa, covered parking spaces for 202 cars, electric charging stations, a rooftop terrace and 24,700 square feet of first floor retail space, according to Yardi Matrix.

“This is a pivotal transaction in Portland, firmly establishing the emerging Central Eastside neighborhood as not only a desirable place live, but the next place for institutional and international buyers to invest,” said Elizabeth Davis,

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