A joint venture of PCCP, LLC and Guardian Real Estate Services announced the acquisition of The Louisa, a 242-unit, 16-story apartment community located at 123 NW 12th Avenue in the Pearl District of Portland, Oregon.
Built in 2005, The Louisa spans a full city block, is adjacent to a Whole Foods, and is part of the Brewery Blocks, a five-block mixed-use development that includes 1.7 million sf of retail, housing, and office space. The Brewery Blocks was the first meaningful development in the Pearl District and is considered an anchor in the neighborhood.
The asset consists of 242 units across townhomes, studio units, and one- and two-bedroom apartments with an average size of 875 sf. The interiors feature central air conditioning, 10’ ceilings, in-unit washers and dryers, luxury vinyl plank flooring, and stainless-steel appliances. Additionally, 62% of the units have balconies, which is unique in the local market. On-site amenities include resident lounges, a community room, and a garden terrace with eco roofs, barbeques, and a fire pit. The ground floor retail space is leased to West Elm, Williams Sonoma, Frame Central, Lululemon, and The Cookie Dough Cafe.
“The Louisa is in an amenity-rich location, proximate to employers and has historically been one of the top apartment assets in downtown Portland,” said Matt Cochran, a Managing Director with PCCP. “The units are largely original which we believe provides an opportunity to upgrade the finishes and renter experience. Additionally, PCCP and Guardian are planning substantial common area improvements. We are excited to partner with Guardian who will bring their local expertise and hands-on management to the asset.”
Formerly occupied by warehouse and light industrial properties and redeveloped over the past two decades, the Pearl District is Portland’s highly accessible and walkable premier dining, shopping and entertainment destination. Major employers within the Pearl, Northwest and the Portland Central Business Districts are within walking distance of The Louisa. The property also provides direct access to Interstate 405 which connects residents to the rest of the Portland MSA, including the Portland International Airport, within a 25-minute drive.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.2 billion in assets under management on behalf of institutional investors as of June 30, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $41.6 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
Guardian is a developer, owner, and operator of multifamily properties, providing innovative real estate solutions dedicated to community and housing for all. Based in the Pacific Northwest, our customer-focused team is committed to supporting and lifting the communities we serve. Since 2002, Guardian has developed or acquired 11,000 multifamily units and 350,000 square feet of commercial space. With more than 400 team members, our management portfolio consists of 125 communities across four states.
