Done Deals: JLL announces $58 million sale and $37.7 million financing of Tupelo Alley in Portland, OR

Photo by Red Studio Inc.
Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail at 3850 North Mississippi Avenue in the heart of the North Mississippi Avenue neighborhood in Portland, OR

PORTLAND, OR, July 31, 2019 – JLL announces that it has closed the $58 million sale and $37.7 million financing of Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in the heart of the North Mississippi Avenue neighborhood in Portland, Oregon.

Carrie Khan

JLL marketed the property on behalf of the undisclosed seller and procured the buyer, a joint venture between Holland Partner Group and Pacific Life Insurance Company. Additionally, JLL worked on the new owner’s behalf to secure acquisition financing.

Ira Virden

Tupelo Alley is situated on 1.44 acres at 3850 N. Mississippi Avenue, the retail center of the Boise-Elliot neighborhood.

Completed in 2009, the three-building, LEED Gold-certified property includes 10,000 square feet of ground level retail and 188 apartment units featuring a mix of studios, one- and two-bedroom units averaging 770 square feet.

Charles Halladay

The community includes ample indoor and outdoor gathering spaces for residents for an abundance of activities, including billiards, ping-pong, barbecues and fitness.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.

Rick Salinas

The JLL Capital Markets team representing the new owner was led by Senior Managing Director Charles Halladay and Directors Rick Salinas and Charlie Watson.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contacts:

Ira Virden, JLL Senior Managing Director

Oregon License No: 200511080

Phone: +1 503 224 0444

Email: Ira.Virden@am.jll.com

Charles Halladay, JLL Senior Managing Director

Phone: +1 503 224 0444

Email: Charles.Halladay@am.jll.com

Olivia Hennessey, JLL Public Relations Specialist