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5/14/21
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An affiliate of The Wolff Company closed on a sizable Oregon res buy, acquiring Northpointe, a 158-unit luxury multi-housing property located in Portland. The seller was a partnership between Fore Property Company and Principal Real Estate Investors.
Completed in 2019, Northpointe totals 106.6k sf of res space and 3.7k sf of commercial space. The property offers studio, one- and two-bedroom floorplan options that boast luxury-grade, modern finishes, such as quartz countertops, in-home washer and dryers, stainless steel appliances, solar shades and luxury vinyl plank flooring, with private balconies or patios and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge.
Located at 1314 N Skidmore St in one of Portland’s most transit-orientated neighborhoods, Northpointe is within walking distance from the TriMet Yellow MAX line and 1.1 msf of the city’s most popular dining and shopping destinations via the N. Mississippi and N. Interstate retail corridors. The property also offers convenient access to many of the city’s largest employers, with over 129,000 jobs accessible by public transit or on foot.
North Portland has received substantial investment in its retail infrastructure over the last 10 years, leading to notable population growth and attracting some of the most affluent renters in the Portland MSA. Between 2010 and 2020 the area experienced 46 percent rent growth and boasts a vacancy rate of four percent.
Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets represented the seller in the transaction.
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