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1/13/15
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Sequoia Equities Inc, based out of Walnut Creek, paid $53 mil for Harrison Tower, a 24-story, 185-unit luxury residential tower in downtown Portland. The property, which traded for $286.5k per unit, was sold by an unnamed institutional investor.
Harrison Tower is one of only five residential buildings more than 20 stories tall in downtown Portland, which gives residents views of the city, mountains and Willamette River. From 2005 to 2008, Harrison Tower units were renovated into luxury condominiums prior to the building being sold and leased as apartments. The $5.5 mil in upgrades included granite countertops, new cabinets, floor-to-ceiling operable windows, new bathroom vanities, bamboo flooring, glass top stoves and stainless steel appliances. Community amenities include a courtyard with multiple private eating areas, covered outdoor kitchen, outdoor pool and spa, cyber café, clubhouse, conference room, 24-hour fitness center, outdoor sundeck, sauna, covered parking, secure bicycle storage areas and upgraded laundry area.
Located at 222 SW Harrison Street between SW 1st and SW 4th Streets in Portland’s central business district, Harrison Tower has a streetcar stop directly outside the property, and a new MAX Light Rail stop two blocks away.
Ira Virden and Kerry Hughes of HFF represented Sequoia Equities in the deal. Harrison Towers represents the fifth multifamily acquisition in the past couple of years for Sequoia, representing a Portland base of approximately 1,600 units.
“Harrison Tower is truly an iconic property that has helped shaped Portland’s skyline since the 1960s,” Virden said. “Opportunities to acquire a transit-oriented high-rise well below replacement cost don’t come around often in Portland. The buyer is well positioned to take advantage of the explosive growth at Oregon Health & Science University (OHSU), Portland State University and the burgeoning tech sector downtown.”
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