 |
| Carrie Kahn |
PORTLAND, OR, Aug. 2, 2021 – JLL Capital Markets announced today that it has closed the sale of Parallax, a 66-unit, Class A, luxury multi-housing community in the Boise-Eliot neighborhood of Portland, Oregon.
JLL marketed the property on behalf of
local sellers, VWR Development and Holt
Group Inc. A California-based
private investor acquired the property.
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| Parallax apartments, Portland, OR |
Completed in June 2020, Parallax comprises
studio, one- and two-bedroom units ranging from 377 to 742 square feet.
Additionally,
there are 3,444 square feet of retail space. Units feature nine- to 14-foot
ceilings, floor-to-ceiling windows, stainless steel appliances, gas range,
modern cabinetry, tile backsplash, luxury vinyl plank flooring, solar shades, a
washer and dryer and air conditioning ports.
Community
amenities include a rooftop terrace with fire pit and barbecue, paid gated
parking, controlled access, 24/7 package lockers and a community lounge.
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| Ira Virden |
Located in the Boise-Eliot neighborhood, the
community benefits from immediate access to three of Portland’s most well-known
retail, dining and entertainment corridors – North Williams Avenue, North
Mississippi Avenue and Northeast Alberta Street.
In
addition, Parallax is surrounded by the city’s largest employers, including
expanding Adidas and Daimler North American Headquarters.
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| Frank Solorzano |
Over
the last 10 years, the area's resurgence has transformed it into a walkable,
bikeable, mixed-use lifestyle and leisure activity hub that attracts highly
paid and educated renters.
The JLL Capital Markets investment sales
team that represented the seller was led by Senior Managing Director Ira Virden,
Senior Director Carrie Kahn and Associate Frank Solorzano.
“The quality of construction, strong urban
location and improving market fundamentals, combined with a substantial decline
in the multi-housing development pipeline over the next 18 months make Parallax
an extremely attractive investment opportunity today,” Kahn said.
“Additionally,
its strong performance during an extraordinarily challenging time in the market
highlights the resilience of well-located, high-quality apartment
properties.”
For more news, videos and research resources on JLL, please visit our newsroom
CONTACT:
Cierra
Lacasse
JLL Associate
Public Relations
Phone: +1 602 648 8701
Email: Cierra.Lacasse@am.jll.com
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