JLL Capital Markets announced that it has closed the sale of Parallax, a 66-unit, Class A, luxury multihousing 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.