PORTLAND, ORE., July 31, 2019 – JLL announces that it has closed the $58 million sale and $37.7 million financing of Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in the heart of the North Mississippi Avenue neighborhood in Portland, Oregon.

JLL marketed the property on behalf of institutional investors advised by J.P. Morgan Asset Management and procured the buyer, a joint venture between Holland Partner Group and Pacific Life Insurance Company. Additionally, JLL worked on the new owner’s behalf to secure acquisition financing.

Tupelo Alley is situated on 1.44 acres at 3850 N. Mississippi Avenue, the retail center of the Boise-Elliot neighborhood. Completed in 2009, the three-building, LEED Gold-certified property includes 10,000 square feet of ground level retail and 188 apartment units featuring a mix of studios, one- and two-bedroom units averaging 770 square feet. The community includes ample indoor and outdoor gathering spaces for residents for an abundance of activities, including billiards, ping-pong, barbecues and fitness.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.

The JLL Capital Markets team representing the new owner was led by Senior Managing Director Charles Halladay and Directors Rick Salinas and Charlie Watson.