Sunday, April 17, 2016

HFF closes sale of and arranges financing for newly-built, mid-rise apartments in Portland’s North Pearl District

Carrie Kahn
PORTLAND, OR –- Holliday Fenoglio Fowler, L.P. (HFF) announced  it has closed the sale of and arranged financing for Waterline, a newly-built, 243-unit, mid-rise apartment property located along the Willamette River in Portland’s North Pearl District.

HFF marketed the asset exclusively on behalf of the seller, Fore Property Company and its finance partner.  Greystar purchased the asset for an undisclosed amount.  

In addition, HFF worked on behalf of the new owner to place a floating-rate acquisition loan with MetLife.

Waterline is situated on approximately 1.77 acres at 2080 NW Front Avenue near Interstate 405, Highway 30 and numerous retail, dining and entertainment attractions in Portland’s Pearl District and NW 21st/23rd Corridor.

Ira Virden
  Completed in 2015, the property has 1,112 square feet of 100-percent-leased ground floor retail and 243 studio, one- and two-bedroom units averaging 796 square feet each. 

Residences feature luxury finishes, large floor plans, in-unit washers/dryers, stainless appliances, quartz countertops, European-style cabinetry and views of the iconic Fremont Bridge and Willamette River.

 Additionally, community amenities include a rooftop deck, community lounge, fitness center, yoga/Pilates studio, community courtyards, pet services and washing station, bike storage and a 268-space controlled access parking garage.

The HFF investment sales team was led by managing director Ira Virden and director Carrie Kahn.

HFF’s debt placement team was led by senior managing director Andy Scott, managing director Charles Halladay and associate director Michael Cosby.

Andy Scott
“This is a perfect example of the continued healthy appetite for large, Class A, core product in urban neighborhoods.  At the moment, there is a shortage of these investment opportunities across the West Coast due to investor demand outpacing supply,” said Virden.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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