Luxury multi-housing community in Portland sold
JLL Capital Markets closed the sale of Parallax, a Class A multi-housing community in Portland’s Boise-Eliot neighborhood
PORTLAND, August 2, 2021 – JLL Capital Markets announced today that it has closed the sale of Parallax, a 66-unit, Class A, luxury multi-housing community in the Boise-Eliot neighborhood of Portland, Oregon.
JLL marketed the property on behalf of local sellers, VWR Development and Holt Group Inc. A California-based private investor acquired the property.
Completed in June 2020, Parallax comprises studio, one- and two-bedroom units ranging from 377 to 742 square feet. Additionally, there are 3,444 square feet of retail space. Units feature nine- to 14-foot ceilings, floor-to-ceiling windows, stainless steel appliances, gas range, modern cabinetry, tile backsplash, luxury vinyl plank flooring, solar shades, a washer and dryer and air conditioning ports. Community amenities include a rooftop terrace with fire pit and barbecue, paid gated parking, controlled access, 24/7 package lockers and a community lounge.
Located in the Boise-Eliot neighborhood, the community benefits from immediate access to three of Portland’s most well-known retail, dining and entertainment corridors – North Williams Avenue, North Mississippi Avenue and Northeast Alberta Street. In addition, Parallax is surrounded by the city’s largest employers, including expanding Adidas and Daimler North American Headquarters. Over the last 10 years, the area's resurgence has transformed it into a walkable, bikeable, mixed-use lifestyle and leisure activity hub that attracts highly paid and educated renters.
The JLL Capital Markets investment sales team that represented the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“The quality of construction, strong urban location and improving market fundamentals, combined with a substantial decline in the multi-housing development pipeline over the next 18 months make Parallax an extremely attractive investment opportunity today,” Kahn said. “Additionally, its strong performance during an extraordinarily challenging time in the market highlights the resilience of well-located, high-quality apartment properties.”
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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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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About VWR Development
VWR Development is a family-owned Portland builder that specializes in mixed-use apartments and condominiums. Experienced in urban infill, VWR partners with elite architects and local artists to provide communities with middle-housing options that reflect innovative design, sustainability and the ever-changing demands of modern lifestyles. VWR has constructed 17 multifamily projects in less than a decade, bringing more than 600 new homes in the Portland area.
About Holt Group Inc.
For more than three decades, The Holt Group has been a leader in real estate investment, land development and production home building across Oregon and southwest Washington. Deeply rooted in the local community, The Holt Group and it’s sister company, Holt Homes, work every day to build affordable quality and lasting value into new homes for those who love living in the Pacific Northwest.