The Portland apartment market ended 2016 with a splash with the sale of the 284-unit Yard at 22 NE 2nd St for more than $126.6M, putting it among the largest apartment deal in Portland's urban core last year.
The buyer — Land and Houses — demonstrates international interest in the Portland market. Land and Houses is a subsidiary of the Bangkok-based investment Land and Houses Public Company Limited of Thailand. It's the company's first foray into the Portland market.
"Everything about this development is unique, from the land assembly, to selling a large asset pre-stabilization, to attracting a new-to-market international buyer," said Institutional Property Advisors director Elizabeth Davis. She repped the seller and procured the buyer. Davis is in IPA’s Portland office.
The seller was Block 67 LLC, affiliated with Key Development, the majority owner and developer of the property. The tower includes 26k SF of commercial/retail space and a public parking garage. Retail tenants include Knot Springs, a wellness club and spa, and Tilt, a restaurant and bar.
Find out more about the Portland apartment market at our Multifamily, Affordable Housing & The Future of the Eastside event on Jan. 26 at the Benson Hotel, beginning at 7:30am with a tasty breakfast and schmoozing. Sign up here.
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