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Premier mixed-use asset demonstrates strong market fundamentals and liquidity
PORTLAND, Ore., July 26, 2018 -- JLL's Capital Markets experts today announced the sale of Indigo @ Twelve | West, a mixed-use property in the vibrant West End district of Portland, on behalf of an ownership group represented by Gerding Edlen and Downtown Development Group.
Developed in 2009 by Gerding Edlen and designed by ZGF Architects, this dynamic mixed-use building offers 273 modern apartments, 85,000 square feet of creative office, 321 underground parking stalls, and curated street-level retail under one green roof. The anchor of the West End neighborhood, with its prominent, skyline-defining wind turbines, and incomparable multifamily amenities, Indigo is an iconic property that has consistently performed at the top of the Portland market.
The transaction was conducted through the combined efforts of the JLL Northwest Capital Markets team. The commercial side was lead by JLL Managing Directors Buzz Ellis and Paige Morgan, and Vice President Adam Taylor, while Senior Vice President Mark Washington and Managing Directors David Young and Corey Marx led the multifamily team.
"Indigo @ Twelve I West is a rare, core investment opportunity in the highly sought after West End," said Ellis. "With limited competitive product in the vicinity, Indigo will continue to outperform as a highly visible, best-in-class asset."
The West End is one of Portland's best destinations for food, design, entertainment, and culture, and Indigo @ Twelve | West has been the catalyst for growth in the district since it was delivered almost 10 years ago. The Property occupies a coveted main and main location at the confluence of the Pearl District and the central business district in the heart of Portland's cultural hub. Certified LEED Platinum by the U.S. Green Building Council, Indigo boasts a WalkScore of 100, TransitScore of 91 and BikeScore of 94, making it a popular choice for Portland's swelling population of millennial residents.
"Portland remains a desirable place to live due to economic growth, lower living costs and a lower cost of doing business," added Morgan. "This sale illustrates a winning combination for a mixed-use multifamily and office building to be one of the city's defining deals of the year."
"The execution of this iconic building represents the strength of capital investing in the Portland market," says Washington. "Given the strong fundmentals, as well as job and population growth, there will continue to be interest in quality assets in the right location."
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. JLL's Capital Markets team provides capital solutions for real estate investors and occupiers around the world. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017, JLL Capital Markets completed $170 billion in global volume. The firm's Capital Markets team comprises more than 2,200 specialists, operating all over the globe.
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About Gerding Edlen
Gerding Edlen is a leading real estate investment, development and asset and property management firm recognized for its expertise in creating and owning highly sustainable, urban infill, office, residential and mixed-use properties. Founded in 1996, the firm engages a socially responsible approach to real estate by cultivating properties that strengthen communities, minimize impact on the environment and add profound value to residents and tenants. Gerding Edlen's efforts are guided by a set of criteria, known as the Principles of Place, where community plays a pivotal role alongside design, technology and sustainability in the success of their properties. This commitment has led the firm to become a recognized national leader of sustainable development, which includes more than 75 LEED certified or certified pending properties. For further information, visit www.gerdingedlen.com.
About Downtown Development Group LLC
Downtown Development Group LLC and its affiliates own approximately 60 properties, including nearly 30 pieces of undeveloped land in downtown Portland, and more than 1.5M SF of residential, industrial, retail and office space located in and around the city's CBD. The company is owned by the Goodman family, who have been investing in Portland commercial real estate since 1955. Given their deep involvement in the city's business and civic organizations, the Goodmans have tremendous pride in their assets and Portland at large.
For further information, visit www.ddgportland.com.
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