Investors (and renters) hungry for newer suburban Portland residential
JLL’s ‘latest victory’ is completing sale of 240-unit Class A community in Tigard
PORTLAND, Ore., Oct., 22, 2018 – JLL’s Capital Markets, Multifamily experts have completed the sale of Sygnii, a 240-unit residential community in the Portland suburb of Tigard, Oregon. Los Angeles-based Watt Companies paid $75.2 million to acquire the community which was completed in 2017 and leased up in a record 11 months.
Senior Vice President Mark Washington and Managing Directors David Young and Corey Marx represented the seller and developer, Holland Partner Group of Vancouver, Washington. The execution of Sygnii marks the second record setting transaction for this Portland Multifamily team in 2018.
“Sygnii is the newest and most highly-amenitized residential community in one of the tightest markets in the Pacific Northwest and attracted strong interest among investors,” said Washington. “Proof of its best-in-class status is that it reached stabilized occupancy twice as quickly as the average new community,” he added.
In Scandinavian languages, Sygnii means “latest victory.” The community is located on 9.88 acres in Washington County, the fastest growing county in the Portland area, and is a short distance from four Intel campuses and Nike’s world headquarters. The community is also surrounded by numerous retail and lifestyle amenities and is within easy reach of public transportation and commuter highways.
Sygnii offers one, two and three-bedroom residences and has parking for 409 vehicles in 74 garages, 99 carport stalls and 236 surface spaces.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are done so in accordance with a California Financing Law license.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com