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11/09/21
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DHIJ Management acquired Misty Ridge, a 103-unit, garden-style multi-housing community in Happy Valley, OR, in the Portland MSA, for $44 mil ($427.2k/unit).
Misty Ridge comprises one-, two- and three-bedroom units averaging 953 sf in size. Units feature full-size washer and dryers, air conditioning, walk-in closets, stainless steel appliances and USB outlets. The community offers a clubhouse, outdoor kitchen and dining lounge, fire pit, dog park and parcel lockers.
Located at 12846 SE 157th Ave, Misty Ridge is surrounded by a host of expanding healthcare, educational and manufacturing companies, including Providence Health Willamette Falls Medical Center. The property’s location connects residents to major transportation arterials, granting access to downtown Portland in 25 minutes via the MAX light rail at Clackamas Town Center Transit Station.
Nearby Misty Ridge is Happy Valley Crossroads, the Gramor-developed, mixed-use retail center at Southeast 172nd Ave and Sunnyside Rd, featuring anchor tenant Fred Meyer grocery store and general retail. Phase one of Happy Valley Crossroads is now fully leased. Phase two, across 172nd Ave and named Happy Valley Crossroads East, is actively leasing.
Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets repped the seller, Misty Apartment LLC, and the developer, Gramor Development Inc.
“Happy Valley has experienced 28% population growth over the last five years and has become one of the most desirable investment submarkets in the Portland MSA,” said Virden. “Misty Ridge is a truly unique asset that is next door to a New Seasons, and the community offers protected sweeping views of the Willamette Valley that makes it extremely difficult to replicate.”
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