PORTLAND, ORE. – JLL announced today that it has closed the $116.13 million sale of Riva on the Park, on behalf of Barings, one of the world’s largest diversified real estate investment managers. The property is a 294-unit, transit-oriented residential high-rise prominently located adjacent to the Oregon Health & Science University (“OHSU”) in Portland’s South Waterfront neighborhood.

JLL represented the seller, Barings, on behalf of institutional investors, and procured the buyer, Griffis Residential. The property was acquired free and clear of existing financing.

In addition to its proximity to OHSU, which is undergoing a 1.1 million-square-foot expansion, Riva on the Park is located within steps of the Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The 22-story, LEED Gold-certified property consists of 294 residential units averaging 811 square feet and more than 13,000 square feet of ground-floor retail. Apartment amenities include granite countertops and plank flooring in kitchens; oversized, energy-efficient windows; full-size washers and dryers; central heat and air conditioning; decks or patios; and stunning city and river views. Common area amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services.

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.

DENVER, CO – June 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $45.65 million in financing for Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver, Colorado. 

HFF worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation. The loan, which was used to fund the acquisition of the property, carries a 3.53% fixed interest rate with full-term interest-only payments.

Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities.  Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97% leased at closing.

“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential. “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”

The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.