Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Sandy28, a newly built 206-unit mixed-use apartment building with approximately 3,300 square feet of retail space in Portland, Oregon’s Central Eastside.
“The sale of Sandy28 represents one of the only institutional-sized transactions to take place within Portland’s urban core in the last 18 months,” said IPA director Anthony Palladino. “We’re certainly experiencing the pressure of continued rate hikes across all multifamily product types but given the substantial discount on a per unit basis to both current replacement cost and recent suburban trades, there are some compelling opportunities attracting buyers to the space.” Palladino and IPA’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Ryan Harmon represented the seller, Fairfield, the property’s developer.
The property’s location in the Kerns neighborhood is proximate to Interstate 84 and three MAX light rail lines, allowing residents to easily commute to Downtown Portland. Sandy28 is within walking distance of dozens of restaurants, bars, markets, and grocery stores along NE 28th Avenue, which is often acclaimed as Portland’s “Restaurant Row.”
Sandy28 was completed in early 2020 during the COVID-19 pandemic. The mid-rise asset’s apartments average 615 square feet, and the market-leading amenity package includes a rooftop lounge, fitness center, game room, co-working space, and expansive outdoor courtyard spaces with a dog park and pet lounge.
