JLL Capital Markets announced today it closed the sale of Northpointe, a 158-unit luxury multi-housing property located in Portland, Oregon. 

JLL represented the seller, a partnership between Fore Property Company and Principal Real Estate Investors, to complete the sale to the buyer, an affiliate of The Wolff Company.   

Completed in 2019, Northpointe totals 106,568 residential square feet and 3,748 square feet of commercial space. The property offers studio, one- and two-bedroom floorplan options that boast luxury-grade, modern finishes, such as quartz countertops, in-home washer and dryers, stainless steel appliances, solar shades and luxury vinyl plank flooring, with private balconies or patios and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge.

Located at 1314 N Skidmore St. in one of Portland’s most transit-orientated neighborhoods, Northpointe is within walking distance from the TriMet Yellow MAX line and 1.1 million square feet of the city’s most popular dining and shopping destinations via the N. Mississippi and N. Interstate retail corridors. The property also offers convenient access to many of the city’s largest employers, with over 129,000 jobs accessible by public transit or on foot. North Portland has received substantial investment in its retail infrastructure over the last 10 years, leading to notable population growth and attracting some of the most affluent renters in the Portland MSA. Between 2010 and 2020 the area experienced 46 percent rent growth and boasts a vacancy rate of four percent. 

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“Northpointe presents an opportunity with tremendous growth potential due to its transit-oriented, North Portland location with close proximity to large employers, such as one of the biggest athletic retailers, a global automotive supplier and Legacy Health, which continue to expand in the region,” says Virden. “With a very limited pipeline of new housing supply coming in Portland, this asset is poised for tremendous growth.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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WASHINGTON, D.C. – November 20, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $31 million in financing for Province Springs, a 160-unit, 55+ age-restricted luxury independent living community in Colorado Springs, Colorado.

The HFF team worked exclusively on behalf of the borrower, Paxion Real Estate Holdings, an affiliate of The Wolff Company, to secure floating-rate bridge financing.  Loan proceeds were used to retire existing construction financing.

Province Springs is located at 2960 Tutt Boulevard just east of multiple retail and entertainment amenities along N. Powers Boulevard and just north of Peterson Air Force Base and Colorado Springs Airport.  Completed earlier this year, the property encompasses a mix of studio, one- and two-bedroom units averaging 810 square feet.  Units feature high-end finishes, including granite countertops, stainless steel appliances, tile backsplashes, Shaker-style cabinetry, floor-to-ceiling windows, plank flooring, custom walk-in closets, in-unit washers and dryers and private patios.  Province Springs also features best-in-class wellness services and community amenities, including a spa, fitness studio, full-service salon, indoor saltwater pool, putting green, dog park, club room, theater room, creative studio and state-of-the-art event space, as well as culinary experiences created by Chef Beau MacMillan, which are available in the property’s restaurants, private dining room or in-home.

The HFF team representing the borrower included directors Nicole Brickhouse and Leon McBroom.