Greystar Real Estate Partners, a global firm that invests, develops and manages rental housing properties, has acquired the 273-unit Indigo at Twelve West on behalf of its real estate funds. The asset, located at 430 SW 13th Avenue in Portland, Ore., is a multifamily mixed-use asset in Portland’s West End submarket. A sales price was not disclosed.
“The acquisition of Indigo at Twelve West complements Greystar’s strategy of acquiring high-quality assets where we can add value through operational improvements and renovation upside in highly desirable submarkets like the West End, which is Portland’s most sought-after urban neighborhood,” said Kevin Kaberna, executive director and leader of Greystar’s U.S. investment platform. “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, Indigo at Twelve West consists of 273 residential apartments as well as approximately 86,000 square feet of creative office space and a 10,000-square-foot retail component, both of which are fully leased. It is a class A property.
The transaction was conducted through the combined efforts of the JLL Northwest Capital Markets team. The commercial side was lead by JLL managing directors Buzz Ellis and Paige Morgan, and vice president Adam Taylor, while senior vice president Mark Washington and managing directors David Young and Corey Marx led the multifamily team.
Greystar currently owns approximately 610 units in the Portland area and manages 13,700 more in other Oregon locations.
