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July 8, 2020
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PTLA Real Estate Group Buys Portland Mixed-Use Asset


PTLA Real Estate Group, out of Walnut Creek, purchased ArtHouse, a mixed-use property located at 33 NW Park Ave in Portland. The price was not disclosed.

Built in 2013, the property offers 3k sf of ground floor retail for up to four tenants and 50 apartment units with 130 beds for student housing. The LEED Silver-certified building offers residents a mix of studio, two-, and three-bedrooms as well as a TV lounge, controlled access, bike storage, a library and a rain garden.

Located in the North Park Blocks in the heart of the Pearl District, the ArtHouse is a 10-minute walk to the PNCA campus and Pioneer Place shopping center, and a 15- to 20-minute walk to Providence Park and the Moda Center. The immediate area is known for multiple galleries, historical architecture, tree-lined city blocks, breweries, upscale dining and shopping.

Nick Santangelo with CBRE arranged acquisition financing for the transaction through Alliant Credit Union in Chicago. The loan features permanent fixed-rate financing at approximately 60% LTV.

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