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MULTIFAMILY NEWS
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Guardian Real Estate Services to Develop 166-Unit Res Project in Portland’s Johns Landing Neighborhood

3/25/15

Guardian Real Estate Services has obtained $36.85 mil in financing for the development of 4949 SW Landing Drive, a 166-unit, Class A residential building located in John’s Landing, a neighborhood just south of the Portland Central Business District and South Waterfront area. The financing was arranged by HFF and consists of a senior construction loan coupled with an additional investment from a national life insurance company.

The property is located on the former Willamette Athletic Club site and consists of a seven-story building that will house the residential apartment homes and an expansive community amenity package. Building amenities will include a large outdoor courtyard with barbeques, eco-roof and fire pits, Sky Lounge, garage parking, water sports equipment storage and a fitness center. Unit interiors will feature a modern design, and floor plans are just below 800 sf, slightly larger than many new buildings being delivered to the market.

The HFF team representing the borrower was led by managing director Casey Davidson, associate directors Kerry Hughes and senior real estate analyst Erica Christensen.

“The John’s Landing neighborhood has long been a staple of Portland, with its charming character and extremely convenient location just south of downtown; however, home prices are lofty in this primarily for-sale housing market,” Hughes said. “Upon completion, 4949 SW Landing Drive will be one of the first to offer Portland residents an opportunity to live in the desirable neighborhood via a modern, institutional-quality apartment building.”






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