ING Clarion Partners in Joint Venture to Acquire Apartment Complex in Portland, Oregon for $45 Million
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ING Clarion Partners LLC, a leading real estate investment firm, has entered into a joint venture with real estate operating company JB Matteson (JBM) to purchase the 24-story, 185-unit Harrison Tower apartment building in downtown Portland, Oregon for approximately $45 million, it was announced today.
NEW YORK, (March 31) – ING Clarion Partners LLC, a leading real estate investment firm, has entered into a joint venture with real estate operating company JB Matteson (JBM) to purchase the 24-story, 185-unit Harrison Tower apartment building in downtown Portland, Oregon for approximately $45 million, it was announced today.
The building is being acquired from a local development group, which had originally intended to bring the renovated tower on the market as condominium units. The same group purchased, renovated and recently sold out two adjacent towers built at the same time as Harrison Tower. ING Clarion and JBM plan to reconfigure Harrison Tower as a rental property, with amenities that include a fitness center, one of downtown Portland’s few outdoor swimming pools, and a cyber café. The units have been substantially upgraded as part of the renovation process, and now feature floor-to-ceiling operable windows, granite slab countertops in the kitchen, stainless steel appliances, air conditioning, and ceramic tile flooring in the bathrooms. Concierge service will be offered to residents during the daytime hours.
Harrison Tower Apartments is located at the south end of Portland’s vibrant downtown area, and offers excellent access to the central business district, the Pearl District, the Northwest 23rd District, and the South Waterfront. Originally completed in 1965, it offers dramatic views of downtown Portland, the Willamette River, and Mount Hood. A variety of restaurants and other retail amenities are within walking distance or just a short ride away on Portland’s streetcar transportation system, which stops in front of the property.
“This is terrific property with that we believe will hold great appeal for the Portland rental market,” said Pete Stone, Senior Vice President at ING Clarion. “The building is easily accessible to a large pool of potential renters, has quality finishes and provides excellent views.”
ING Clarion noted that Portland continues to experience strong apartment rental growth. The population is expanding as well, with a heavy concentration in the 25-to-35-year-old segment, a primary rental demographic. Employment is expected to grow by an annualized average of 1.6 percent over the next five years, providing further support for the rental market.