Joint venture purchases Harbour Court Apartments in Portland
JLL Capital Markets handled the sale of the value-add opportunity apartments
JLL represented the seller, Harbour Court Owner LLC, an affiliate of the ConAm Group, in completing the sale to the buyer, a joint venture between Mountain Capital Partners (MCP) and New Earth Equities (NEE). MCP partnered with NEE as the LP and was instrumental in the closing and securing financing.
Originally built in 1999, Harbour Court offers spacious floorplans, 9’ ceilings and community amenities that include an indoor pool and spa, fitness center and generous parking. With an exceptional, transit-oriented location, high-quality construction and only minimal upgrades completed to date, the property offers a value-add opportunity for the buyer.
Harbour Court is located at 910 N Harbour Dr. and is centrally located in Portland’s Bridgeton neighborhood proximate to employment and recreation centers in downtown Portland and Vancouver. The property is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5, providing convenient multi-modal transportation throughout the Metro.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
Founded in 1975 and based in San Diego, the ConAm Group of Companies is a full-service real estate investment, development and services firm specializing in multi-housing management.
NEE is represented by Daniel Terranova, founder and principal, who brings a decade of experience in real estate with a specialty in acquisitions and asset management. This is NEE’s first acquisition since inception in August of 2020. NEE is focused on value-add and core-plus multi-housing acquisitions in Portland, Oregon.
MCP was founded in 2014 by Brian Shirken to provide equity for real estate development and opportunistic value add transactions.
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 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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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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.