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10/02/24
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A joint venture of PCCP LLC and Guardian Real Estate Services acquired The Louisa, a 242-unit, 16-story apartment community located at 123 NW 12th Avenue in the Pearl District of Portland. The property also includes 29.3k sf of ground floor retail space and shared ownership of the Brewery Blocks parking garage, one of the largest parking garages in downtown Portland.
Built in 2005, The Louisa spans a full city block, is adjacent to a Whole Foods, and is part of the Brewery Blocks, a five-block mixed-use development that includes 1.7 msf of retail, housing, and office space. The Brewery Blocks was the first meaningful development in the Pearl District and is considered an anchor in the neighborhood.
The asset consists of 242 units across townhomes, studio units, and one- and two-bedroom apartments with an average size of 875 sf. The interiors feature central air conditioning, 10’ ceilings, in-unit washers and dryers, luxury vinyl plank flooring, and stainless-steel appliances.
Additionally, 62% of the units have balconies, which is unique in the local market. On-site amenities include resident lounges, a community room, and a garden terrace with eco roofs, barbeques, and a fire pit. The ground floor retail space is leased to West Elm, Williams Sonoma, Frame Central, Lululemon, and The Cookie Dough Cafe.
Formerly occupied by warehouse and light industrial properties and redeveloped over the past two decades, the Pearl District is Portland’s highly accessible and walkable premier dining, shopping and entertainment destination. Major employers within the Pearl, Northwest and the Portland Central Business Districts are within walking distance of The Louisa. The property also provides direct access to Interstate 405, which connects residents to the rest of the Portland MSA, including the Portland International Airport, within a 25-minute drive.
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