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MetLife Investment Management JV to develop luxury multi-housing project  in Portland
Transactions - OCTOBER 22, 2019

MetLife Investment Management JV to develop luxury multi-housing project in Portland

by Released

Working on behalf of the developer, Alamo Manhattan, JLL has arranged a joint venture equity partnership with MetLife Investment Management for the development of Block 40, a 232-unit, luxury multi-housing project in the South Waterfront neighborhood of Portland, Ore.

Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Ave. less than one mile south of the Portland CBD. The transit-oriented development is also next to Oregon Health & Science University (OHSU), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.

Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces. Planned amenities at the LEED-certified project will include a rooftop terrace with firepit, spacious seating area and TVs; courtyard with water fountain, fire pit, grilling area and seating area; fitness center with Technogym; and dog park and dog wash.

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