JLL orchestrates sale and financing of The Louisa in Portland
Iconic Pearl District high-rise with prime retail space changes hands in thriving urban market
PORTLAND, Oct. 8, 2024 – JLL Capital Markets announced today that it has secured the sale and financing for The Louisa, a 242-unit multifamily high-rise in Portland, Oregon.
JLL worked on behalf of the seller in procuring the buyer, Guardian Real Estate Services and their capital partner. Additionally, JLL arranged the five-year, fixed-rate loan for the buyer.
Situated on one fully city block at 123 NW 12th Avenue in Portland's renowned Pearl District, The Louisa offers an ideal location just blocks from the Central Business District, Slabtown and the Northwest District. Residents enjoy easy access to the city's most popular retail, dining and grocery options. Transportation is seamless, with I-405, I-5, U.S. 26 and Portland Union Station all nearby, connecting the community to the broader metropolitan area.
Portland MSA, home to 2.6 million residents with an average household income of $130,600, offers a thriving urban environment attractive to both businesses and residents. The Pearl District houses approximately 17,000 employees across diverse industries and sits adjacent to the bustling Central Business District. The city boasts prestigious higher education institutions, including Oregon Health & Science University, Portland State University and the University of Portland. Portland's appeal is enhanced by its lack of state sales tax, a robust high-tech real estate market and an efficient public transportation system. These factors, combined with favorable demographics, contribute to the city's dynamic economic landscape and high quality of life.
Built in 2005, The Louisa offers 29,295 square feet of ground-floor retail space with notable tenants like West Elm, Lululemon and Williams-Sonoma, in addition to the 16-story luxury high-rise. The exceptional townhome, studio, one- and two-bed apartments feature spacious floor plans, 10-foot ceilings, stainless steel appliances, full-size washers and dryers and hardwood style LVT flooring. The high-rise also features panoramic views of the city and Mt. Hood, and offers community amenities like a resident lounge, package lockers and manicured garden terrace with BBQ grills and fire pit.
JLL Capital Market’s Investment and Sales Advisory team was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano. The Debt Advisory team was spearheaded by Senior Managing Director Casey Davidson and Director Charlie Watson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Guardian Real Estate Services
Based in the Pacific Northwest, Guardian Real Estate Services is a leading multifamily management, development and investment firm. Defined by our deep commitment to the communities in which we invest, Guardian continues to advocate for housing across the entire spectrum. Since 2002, Guardian has developed or acquired 11,000 multifamily units and 350,000 square feet of commercial space. With more than 350 employees, Guardian’s management portfolio consists of 120 communities across four states. For more information, visit gres.com.