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February 24, 2017
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New Portland Apartment Project Trades in $20 Mil Transaction

2/03/17

A Santa Clara-based private investment group has purchased Muse apartments, a newly-built, 58-unit mid-rise apartment in Portland, OR. The asset was sold by locally based Gerding Edlen in a $20.15 mil ($374.4k/unit) transaction.

Completed in late 2016, Muse was 44% leased at the time of sale. The six-story building was designed by GBD Architects and built by R&H Construction. It is certified LEED Platinum and consists of a mix of studio, one-bedroom, and two-bedroom units.

The high-end urban apartment homes have large windows, expansive views, and quality finishes throughout. Building amenities include a stacking car park system, bike storage, and a common roof top deck. Custom art, sourced from local artists, is curated throughout the building. Pinnacle will manage the property for the new owner moving forward.

Located at 1313 NW 19th Ave, Muse is in the core of Portlandís Alphabet District, at the intersection of SW 19th Ave and SW Overton St. With a Bike Score of 98 and Walk Score of 93, Muse is within easy access to the bustling neighborhoods of NW 23rd and the Pearl District, as well as downtown Portland.

Jordan Carter, Clay Newton, Tyler Linn, and Joe DeJager with Kidder Mathews represented the seller, a leading real estate investment and development firms focused on urban infill, transit-oriented, and highly sustainable office, apartment, and mixed-use properties.




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