PORTLAND, OR-Jones Lang LaSalle Capital Markets experts have successfully arranged the sale of The 20 on Hawthorne, on behalf of local developer Gerding Edlen LLC and investor Metzler Real Estate. JP Morgan purchased the 51-unit property, which also includes 5,000 square feet of ground floor retail.
The multifamily investment sales team of managing director David Young, SVPs Seth Heikkila and Corey Marx and VP Joe Nydahl led the Jones Lang LaSalle team on this transaction.
Located in one of the strongest submarkets in Portland, the property had a vacancy rate below 3%, less than the market-wide vacancy of 3.55%. Three retail tenants – a café, sushi restaurant and dentist office -- occupy all of the retail space.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
