July 27, 2018
Charleston, SC-based Greystar Real Estate Partners, LLC acquired the 273-unit Indigo at Twelve West in Portland, OR on behalf of its real estate funds. Developed by Gerding Edlen, the Class A property is located at 430 SW 13th Ave., and is one of the market’s premier multifamily mixed-use assets.
Greystar said the deal represented a compelling opportunity to acquire a best-in-class, highly amenitized mixed-use multifamily asset in the city’s affluent West End submarket. Greystar’s Kevin Kaberna says, “We were able to purchase this property at a discount to replacement cost, and we believe our plan to reduce controllable expenses and refresh the interiors will allow us to maximize the property’s tremendous potential and capitalize on what we expect will be a supply shortfall in the area through 2020.”
Completed in 2009 to LEED Platinum standards, the property also has 86,000 square feet of creative office space and a 10,000-square-foot retail component, both of which are fully leased.
JLL’s Buzz Ellis, Paige Morgan, Adam Taylor, Mark Washington, David Young and Corey Marx led the multifamily sales team.
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