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Equity Residential Sells Apartment Towers to Converter

PORTLAND, OR-A local joint venture using equity from Lehman Brothers pays $77.5 million for the Portland Center Apartments. The circa-1965 development includes 525 units in three highrise towers, 12 townhomes and a commercial pad that is zoned for a fourth residential tower.

By Brian K. Miller | Updated on September 23, 2005

PORTLAND, OR-Equity Residential of Chicago has sold the three-tower 537-unit Portland Center Apartments in Downtown to a local partnership with plans for converting the units to condominiums and the opportunity to redevelop an existing commercial pad with a fourth residential tower. The new owner is a joint venture led by Bean Investment Real Estate and including Williams & Dame and Reliance Development Inc. The sale price was $77.5 million, which is more than industry experts had expected.

“I came in second to Equity eight years ago,” Terry Bean tells GlobeSt.com. “I wasn’t going to lose it this time.”Portland Center Apartments was built in 1965 on four acres at 200 SW Harrison Street, between Portland State University and the Willamette River. Designed in mid-century modern style by Skidmore Owings and Merrill, the three towers range from 22 stories to 25 stories and hold 535 units.

The remaining 24 units are two-story townhome units, some of which were converted for use as commercial office space prior to Equity’s acquisition. The commercial pad, which holds 16,000 sf of space that includes the leasing office, is zoned for a 225-foot 243,000-sf residential or commercial building, according to Tom Moran Jr. or Los Angeles-based Moran & Co., which had the disposition assignment.

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