December 16, 2016
This article has been updated to add the broker and sales price.
Land and Houses Public Co. Ltd., headquartered in Thailand, acquired the Yard, a 21-story, 284-unit apartment high-rise near Portland, OR’s Burnside Bridge. Key Development, the project’s developer, was the seller in the off-market transaction. Reuters reported the sales price at $126.7 million. The acquisition is the Bangkok-headquartered buyer’s first in the region. Elizabeth Davis with Institutional Property Advisors brokered the transaction.
The just-delivered property at 22 N.E. 2nd Ave. was intended as a long-term hold, according to Jeff Pickhardt, president of Hood River’s. However, “it turned out to be the right fit for the folks who wanted to buy it, and it was just a good opportunity to sell,” Pickhardt told the Portland Business Journal. Added Davis: “Everything about this development has been unique, from the land assembly, to selling a large asset pre-stabilization, to attracting a new-to-market international buyer.”
The building was approximately 50% leased upon closing. Lease-up on the asset began in August.
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