JLL Capital Markets announced 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.