Two-property multi-housing portfolio in the Portland MSA sells for $90M

PORTLAND, Apr. 29, 2024 - JLL Capital Markets announced today that it closed the $90 million sale of a two-property, newly-built multi-housing portfolio, which includes the 174-unit Villas at 28^th and the 176-unit The Farmstead in Vancouver, Washington.

JLL worked on behalf of the seller, Ginn Group, and procured the buyer, a partnership between a Kennedy Wilson managed real estate fund and Haseko Corporation.

Both fully completed in 2023, the two properties feature an array of studio, one-, two- and three-bedroom floorplans, as well as cottage-style units and two-story townhomes with attached two-car garages. The properties feature high-end unit interior finishes with stainless steel appliances, quartz countertops, air conditioning, in-unit washers and dryers and secured electronic unit access. In addition, the communities boast expansive amenity packages, offering secure gated access, 24-hour fitness centers, dog parks, pet wash stations, natural green space and walking trails and more.

Situated five minutes from each other, Villas at 28^th St. is located at 12101 NE 28^th St. and The Farmstead sits at 711 NE 112^th Ave. The properties are within proximity of numerous transit options, such as Interstate-205, State Route 500, Van Mall Transit Center and Interstate-5, providing residents with connectivity and immediacy to the area's expanding employers, sought-after recreation, and popular eateries. Residents are within 12 minutes of the Vancouver Waterfront, 17 minutes from downtown Portland and eight minutes from Portland International Airport. In addition, nearby top employment opportunities include PeaceHealth, Columbia Tech Center, Fisher Investments and Zoom Info.

The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano.

JLL also secured acquisition financing for The Farmstead for Kennedy Wilson, while the Villas at 28^th loan was assumed. The Capital Markets Debt Advisory team was led by Executive Managing Director Charles Halladay, Managing Director Brandon Smith, Managing Director Annie Rice, Managing Director Mark Wintner, Director Charlie Watson and Director Gyasi Edmondson.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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