JLL Closes $116.13M Sale of Portland High-rise Apartment Community
Transit-oriented residential high-rise adjacent to the Oregon Health & Science University in Portland’s South Waterfront trades for the first time
PORTLAND, OREGON, September 24, 2019 – JLL announced today that it has closed the $116.13 million sale of Riva on the Park, on behalf of Barings, one of the world’s largest diversified real estate investment managers. The property is a 294-unit, transit-oriented residential high-rise prominently located adjacent to the Oregon Health & Science University (“OHSU”) in Portland’s South Waterfront neighborhood.
JLL represented the seller, Barings, on behalf of institutional investors, and procured the buyer, Griffis Residential. The property was acquired free and clear of existing financing.
In addition to its proximity to OHSU, which is undergoing a 1.1 million-square-foot expansion, Riva on the Park is located within steps of the Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The 22-story, LEED Gold-certified property consists of 294 residential units averaging 811 square feet and more than 13,000 square feet of ground-floor retail. Apartment amenities include granite countertops and plank flooring in kitchens; oversized, energy-efficient windows; full-size washers and dryers; central heat and air conditioning; decks or patios; and stunning city and river views. Common area amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients and customers. Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of June 30, 2019
About Griffis Residential
With approximately $2 billion in multifamily assets, Griffis Residential is a vertically integrated multifamily real estate investment firm that owns and manages approximately 8,000 apartment homes in thriving markets around the throughout Colorado, Nevada, Texas, California and Washington. For more information, visit griffisresidential.com.