Apartments On The Way After Pearl District Property Sells For 58M

Dated: November 9 2016

Views: 385

Work has already begun on a 147-unit apartment building at Northwest 14th Avenue and Northwest Raleigh Street in the Pearl District.


Now, the 30,000-square-foot piece of land the building will sit on has sold to the company building the apartments.


Phoenix-based Alliance Residential Company paid $5.8 million for the property at 1400 N.W. Raleigh St. in the Pearl District. The company has already begun building a 147-unit apartment building on the site.Enlarge

Phoenix-based Alliance Residential Company paid $5.8 million for the property at 1400… more

NICK GRIER PHOTOGRAPHY



Phoenix-based Alliance Residential Company paid $5.8 million for the property, which had been owned by Diller Properties LLC. Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets in Portland represented Diller in the deal. Alliance was self-represented.


“The Pearl District is a prestigious, highly sought after real estate market which has, in recent years, completed and or is under construction with numerous new high quality multifamily and office development projects," Griff said in a release. "With a need for housing, the community should benefit from Alliance’s new planned use for the property.”


Alliance, whose other metro region properties include The Wyatt in Northwest Portland and LionsGate South in Hillsboro, is building the six-story Broadstone Reveal apartments on the site. The project will feature high-end, market rate apartments and ground-level retail.


The property had been home to a 28,000-square-foot industrial building, which has since been demolished.


Source

Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

10 Ways To Save On A Kitchen Remodel

A kitchen remodel is among the most popular renovation projects for homeowners, but it can quickly become the most expensive. According to HomeAdvisor, the average kitchen remodel costs $25,656, or

Read More

6 Mortgage Tips For Single Homebuyers With Children

If you’re a single parent, it’s arguably more challenging to buy a home than for those in a partnership with dual incomes. Yet it’s easy to see why so many single parents are eager to purchase

Read More

How To Deal With Unsolicited Offers

If you’re one of those lucky people who own a home in a “hot” area, it’s a pretty sweet feeling. You made a good real estate call. If you decide to sell, all signs point to it being an easy

Read More

Homebuying And Mortgage Guide For Singles

Many people might picture homeownership as an event that happens only after two people get married and start a financial partnership. Some mortgages are still structured to reflect that idea. But

Read More