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JB Matteson Buys Apartment Tower for $45M

PORTLAND, OR-Improved to be converted to condominiums, the renovated building was sold empty and with no condo sales contracts pending.

By Brian K. Miller | Updated on March 27, 2008

PORTLAND, OR-JB Matteson Inc., a Redwood City, CA-based apartment investor that makes value-add investments with institutional partners, has acquired the 24-story, 185-unit Harrison Tower Apartments here for approximately $45 million. Recently set up to be converted to condominiums, the building was sold empty and with no condo sales contracts pending, according to the new owner.

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.

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