Apartment community sells in suburban Portland
JLL Capital Markets arranged the sale of the 183-unit Creekview Crossing in Sherwood, Oregon
PORTLAND, March 14, 2024 – JLL Capital Markets announced today that it closed the sale of Creekview Crossing, a 183-unit, garden-style community located in the Portland suburb Sherwood, Oregon.
JLL worked on behalf of the seller, and procured the buyer, a fund managed by LaSalle Investment Management.
Built in 2009, Creekview Crossing offers spacious one-, two- and three-bedroom floorplans with attached garages, nine-foot ceilings, granite countertops and central HVAC, as well as community amenities, including a 24-hour fitness center, a playground, a pool and picnic tables. As part of the transaction, the buyer assumed the below-market financing.
Situated at 21759 SW Cedar Brook Way, Creekview Crossing is positioned less than 25 minutes from downtown Portland. The property’s location offers residents exceptional transit connectivity with the proximate Highway 99, SW Tualatin-Sherwood Road, and Interstate 5, allowing access to the region’s top retail destinations, employers and Sherwood’s highly regarded school district. Nearby employment hubs include the 15-million-square-foot Tualatin-Sherwood Industrial Hub, the Legacy Meridian Park Medical Center, LAM Research, Willamette Valley Wine Country, Providence Sherwood and Tonquin Employment Area.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano.
“This is another example of institutional buyers still being very interested in the Portland market. We had excellent interest in the offering and continue to see a tremendous amount of capital looking at Portland,” said Virden.
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 sales and 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
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $78 billion of assets in private and public real estate property and debt investments as of September 30, 2023. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com.