PORTLAND, Ore.–(BUSINESS WIRE)–
Marcus Millichap (MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of the iconic 21-story, 284-unit Yard apartment tower in Portland, Oregon. The development of this asset was completed in August 2016, sold pre-stabilization with 50 percent of the apartments leased, and is the largest multifamily sale to date in Portland’s urban core.
“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, IPA executive director.
Davis, located in IPA’s Portland office, exclusively represented the seller, Block 67 LLC. Pete Shelton and Kim Grant, both located in IPA’s Seattle, Washington office, assisted Davis. Philip Saglimbeni, an IPA executive director, along