Luxury multi-housing community near Portland trades for $44M
JLL Capital Markets closed the sale of garden-style Misty Ridge in Happy Valley
PORTLAND, ORE. – Nov. 3, 2021 – JLL Capital Markets announced today that it has closed the $44 million sale of Misty Ridge, a 103-unit, garden-style multi-housing community in Happy Valley, Oregon, in the Portland MSA.
JLL marketed the property on behalf of the seller, Misty Apartment, LLC, and the developer Gramor Development Inc. DHIJ Management acquired the property.
Misty Ridge comprises one-, two- and three-bedroom units averaging 953 square feet. Units feature full-size washer and dryers, air conditioning, walk-in closets, stainless steel appliances and USB outlets. The community offers a clubhouse, outdoor kitchen and dining lounge, fire pit, dog park and parcel lockers.
Located at 12846 SE 157th Ave., Misty Ridge is surrounded by a host of expanding healthcare, educational and manufacturing companies, including Providence Health Willamette Falls Medical Center. The property’s location connects residents to major transportation arterials, granting access to downtown Portland in 25 minutes via the MAX light rail at Clackamas Town Center Transit Station.
Nearby Misty Ridge is Happy Valley Crossroads, the Gramor-developed, mixed-use retail center at Southeast 172nd Avenue and Sunnyside Road, featuring anchor tenant Fred Meyer grocery store and general retail. Phase one of Happy Valley Crossroads is now fully leased. Phase two, across 172nd Avenue and named Happy Valley Crossroads East, is actively leasing.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“Happy Valley has experienced 28 percent population growth over the last five years and has become one of the most desirable investment submarkets in the Portland MSA,” said Virden. “Misty Ridge is a truly unique asset that is next door to a New Seasons, and the community offers protected sweeping views of the Willamette Valley that makes it extremely difficult to replicate.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gramor Development
Gramor Development is a commercial real estate development company focused on the Portland, Ore. and Vancouver, Wash. markets. Since 1985, Gramor and its experienced real estate development team have become synonymous with quality mixed-use retail, multi-family and office properties throughout the region. The team has developed 68 projects valued at over $1 billion.
About DHIJ Management
DHIJ Management Company was founded in 1967 to pursue real estate investment opportunities responsibly, and with integrity, for the benefit of our investors and our associates. DHIJ currently owns and manages multifamily assets in Washington, Oregon, California and New Mexico.