August 1, 2019
Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in Portland’s North Mississippi Avenue neighborhood, has traded hands for $58 million. The buyer was a joint venture between Vancouver, WA-based Holland Partner Group and Pacific Life Insurance Company.
The asset is situated on 1.44 acres at 3850 N. Mississippi Ave., the retail center of the Boise-Elliot neighborhood. Completed in 2009, the three-building, LEED Gold-certified property includes ground-level retail and apartment units that feature a mix of studios, one and two-bedroom floorplans. The community includes indoor and outdoor gathering spaces for residents for activities such as billiards, ping-pong, barbequing and working out.
JLL’s Ira Virden and Carrie Kahn represented the seller, institutional investors advised by J.P. Morgan Asset Management, and procured the buyer. JLL’s Charles Halladay, Rick Salinas and Charlie Watson secured $37.7 million in acquisition financing for the new owners.
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