PCCP, LLC announced it has provided a $51 million senior loan to ColRich Multifamily for the acquisition of Twenty Twenty, a seven-story, 162-unit mid-rise apartment property located at 2020 NE Multnomah Street in Portland, OR. Built in 2019, the 67 percent leased asset is situated along I-84 in Portland’s Central Eastside neighborhood.
Twenty Twenty was originally built as for-sale luxury condos but has since been repositioned as one of the highest quality multifamily assets in Portland. Despite the repositioning and pandemic-induced leasing challenges, the property has experienced increased leasing velocity over the last several months.
“PCCP’s loan provides our firm with the opportunity to finance a high quality, Class A multifamily asset in Portland with a strong borrower which PCCP has targeted for many years,” said Matt Cochran, a Vice President with PCCP. “With Portland showing signs of recovering from the impacts of the pandemic, as well as a decline in the multifamily supply pipeline, this asset is expected to see strong leasing activity and rent growth.”
Twenty Twenty is high-quality, concrete and steel construction with condo-level finishes. The property’s unit mix includes 18 studio units, 90 one-bedroom units, and 54 two-bedroom units with a variety of den, penthouse, and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers, and fireplaces and balconies in select units.
The property also includes two decks with grills, firepits, and a Zen garden; fitness center; bike lounge with repair station; pet lounge; and individual lockers. Twenty Twenty has achieved LEED Platinum certification and sits above a two-story subterranean parking garage.
Twenty Twenty provides convenient access to the Portland metro and is proximate to the Lloyd District, the city’s second densest employment center behind the central business district. Portland’s largest mall, the Lloyd Center, and other retail locations are within walking distance and provide a variety of shopping options. It is just off of I-84 and the I-5 / I-84 interchange is a half-mile away making almost the entirety of urban Portland accessible within a 15-minute drive.