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October 22, 2019
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Portland Res Community Trades in $116 Mil Deal

9/25/19

Griffis Residential has acquired Riva on the Park, a 294-unit, transit-oriented residential high-rise prominently located adjacent to the Oregon Health & Science University (“OHSU”) in Portland’s South Waterfront neighborhood. The property was sold for $116.13 mil ($395k/unit) by Barings, one of the world’s largest diversified real estate investment managers.

In addition to its proximity to OHSU, which is undergoing a 1.1 msf expansion, Riva on the Park is located within steps of the Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The 22-story, LEED Gold-certified property consists of 294 residential units averaging 811 sf and more than 13k sf of ground-floor retail.

Apartment amenities include granite countertops and plank flooring in kitchens; oversized, energy-efficient windows; full-size washers and dryers; central heat and air conditioning; decks or patios; and stunning city and river views. Common area amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services.

Ira Virden and Carrie Kahn with JLL Capital Markets team represented the seller in the transaction. The property was acquired free and clear of existing financing.





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