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11/10/16
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Alliance Residential Company is moving forward with an upscale res project in Portland’s sought-after Pearl District. The firm paid $5.8 mil for a 30k sf development site and has already broken ground on a new 147-unit, six-story market-rate apartment building known as Broadstone Reveal on the site. The project will also feature ground floor retail.
Located at 1400 NW Raleigh, the site formerly contained an older 28k sf industrial building that has been demolished. The property is positioned at the junction of I-405 and Portland State Route 30, on the southwest end of the Fremont Bridge. The property is just a few blocks from NW Naito Pkwy and minutes to downtown Portland.
The site was sold by Diller Properties LLC, which was represented in the transaction by Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets in Portland. According to C&W, the planned residences will be significantly larger than most, and the top floor resident amenity package is promised to be truly unique in the market.
“The site presented a great development opportunity within a transforming neighborhood that is easily accessible throughout the region,” Griff commented. “The Pearl District is a prestigious, highly sought after real estate market which has, in recent years, completed and or is under construction with numerous new high quality multifamily and office development projects. With a need for housing, the community should benefit from Alliance’s new planned use for the property.”
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