Harrison Tower was one of three towers totaling 536 units that comprised the Portland Center Apartments, all of which Equity Residential sold for $77.5 million in 2005 to Portland Center Investors, a local partnership intent on converting them to condominiums. The first two towers were emptied of tenants, renovated and converted. One has eight units remaining to be sold and the other has 38 units remaining unsold.

Harrison Tower was to be the third conversion. JB says it sourced the acquisition directly from the local partnership on a principal-to-principal basis. PCCP provided the acquisition financing. The loan to cost was not immediately available.

JB Matteson says the previous owner substantially completed a renovation of the building. The units now have new granite countertops, new cabinets, stainless steel appliances, new operable windows, bathroom vanities and flooring. An adjacent underground parking structure provides one parking space per unit. JB Matteson, which will manage the final renovations and lease-up, says the sales center will be converted to a leasing center, administrative offices, and a cyber café. The ground floor of the building will be converted to a fitness center overlooking the swimming pool and spa area.