PORTLAND, OR—Holliday Fenoglio Fowler, L.P. says that it has closed the $47.75 million sale of The Cordelia, a 135-unit, two-building multi-housing property in Portland's Alphabet District.
HFF marketed the asset on behalf of Mill Creek Residential Trust and its capital partner.
The Cordelia is located at 777 NW 19th Avenue between Portland's Pearl District and the NW 23rd Avenue retail corridor. The transit-oriented asset is situated two blocks from a Portland streetcar stop, less than one half of a mile from Interstate 405 and provides access to multiple retail, dining and entertainment options within walking/biking distance. Completed in 2014, the LEED Gold property has studio, one- and two-bedroom units averaging 667 square feet each. Property amenities include a common area with kitchen and theater lounge, bike storage and repair station, dog wash and grooming station, 24-hour fitness center, outdoor barbecue and picnic area and a 62-space subterranean parking garage.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
Mill Creek Residential Trust is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. Currently, the company's portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
