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| Harrison Tower, 222 SW Harrison Street, Downtown Portland, OR |
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| Ira Virden |
PORTLAND, OR – HFF announced it has closed the $53 million
sale of Harrison Tower, a 24-story, 185-unit luxury residential tower in
downtown Portland, Oregon.
HFF
marketed the property on behalf of the seller, an institutional investor. Sequoia Equities, Inc., based out of Walnut
Creek, California, purchased the asset.
Harrison Tower is one of only five residential buildings more than 20
stories tall in downtown Portland, which gives residents views of the city,
mountains and Willamette River.
From 2005 to 2008,
Harrison Tower units were renovated into luxury condominiums prior to the
building being sold and leased as apartments.
Part of the $5.5
million upgrades included granite countertops, new cabinets, floor-to-ceiling
operable windows, new bathroom vanities, bamboo flooring, glass top stoves and
stainless steel appliances.
Community amenities include a courtyard with multiple
private eating areas, covered outdoor kitchen, outdoor pool and spa, cyber
café, clubhouse, conference room, 24-hour fitness center, outdoor sundeck,
sauna, covered parking, secure bicycle storage areas and upgraded laundry area.
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| Kerry Hughes |
Located at 222 SW
Harrison Street between SW 1st and SW 4th Streets in Portland’s central
business district, Harrison Tower has a streetcar stop directly outside the
property, and a new MAX Light Rail stop two blocks away.
The
HFF investment sales team representing the seller was led by director Ira
Virden and associate director Kerry Hughes.
“Harrison Tower is truly an iconic property that has helped shaped
Portland’s skyline since the 1960s,” Virden said.
“Opportunities to acquire a transit-oriented high-rise well below
replacement cost don’t come around often in Portland.
The buyer is well positioned to take advantage of the explosive
growth at Oregon Health & Science University (OHSU), Portland State
University and the burgeoning tech sector downtown.”
Established in 1986, Sequoia
Equities, Inc. has always remained committed to its mission of creating quality
living experiences that positively affect their residents, team members and
investors.
More than 25,000 residents
come home to a Sequoia community at the end of the day.
Offering more than just great locations and
comfortable residences, each community is managed by a team of professionals
dedicated to creating customer experiences that are consistently memorable and
truly referral-worthy.
Harrison Towers
represents the fifth multifamily acquisition in the past couple of years, for Sequoia
Equities representing a Portland base of approximately 1,600 units.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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