JLL completes sale of Modera Davis in Portland
The 204-unit, luxury high-rise residential building is located in the Pearl District
PORTLAND, ORE., June 8, 2020 – JLL Capital Markets announced today that it has completed the sale of Modera Davis, a 204-unit, luxury high-end residential community located in Portland, Oregon’s Pearl District.
JLL marketed the property exclusively on behalf of the seller, a joint venture between Mill Creek Residential Trust LLC and their capital partner. Virtú Investments, purchased the asset free and clear of existing financing.
Modera Davis is located at 215 NW 10th Street within the affluent Pearl District, and was sold prior to receiving a temporary certificate of occupancy. The newly built, 12-story property features units averaging 658 square feet, 8,307 square feet of retail and 136 parking stalls. The property boasts a Walk Score® of 100 and Transit Score® of 95 due to its location adjacent to some of the city’s most iconic restaurants, retailers and entertainment venues.
Apartments feature spacious floor plans with private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities feature a top-floor fitness center, rooftop deck with grilling area and fire pit, sauna with rock salt wall, sensory deprivation float spa chamber, golf simulator, demonstration kitchen and electric vehicle charging stations.
The JLL Capital Markets investment advisory team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, Senior Director Carrie Kahn and Associate Frank Solorzano.
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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mill Creek Residential Trust LLC
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. As of June 30, 2018, the company’s portfolio comprises 74 communities representing over 20,250 apartment homes that are operating and/or under construction. For more information, please visit MillCreekPlaces.com.
About Virtú Investments
Virtú Investments, LLC was built to create high-yield opportunities in the multifamily investment market. During its fifteen years of operation, Virtú has acquired $2.1B in real estate and operated more than 20,000 apartment units across 112 properties in the Western US. The firm is well-positioned to generate strong risk adjusted investment opportunities in each stage of a real estate cycle. Virtú has refined an integrated and highly responsive operating platform that is unique in the industry. In-house services are composed of acquisitions, due diligence, finance, asset management, property management, efficiency retrofitting, information technology, accounting, and tax preparation. Virtú’s offices are in Larkspur, California; Carlsbad, California; Seattle, Washington; and Scottsdale, Arizona.