Northpointe Presents Growth Potential in North Portland

North Portland has received substantial investment in its retail infrastructure in the last decade, leading to population growth of some of the most affluent renters in the Portland MSA. In fact, between 2010 and 2020, the area experienced 46 percent rent growth with a vacancy rate of 4 percent.

One 158-unit multifamily property, Northpointe, attracted a buyer for those very reasons. An affiliate of The Wolff Company acquired the property for an undisclosed price.

Completed in 2019, Northpointe totals 106,568 residential square feet with 3,748 square feet of commercial space. The property offers studio, one- and two-bedroom floorplan options.

Located at 1314 N. Skidmore St. in one of the most transit-oriented neighborhoods, Northpointe is within walking distance from the TriMet Yellow MAX line and 1.1 million square feet of dining and retail destinations. The city’s largest employers with 129,000 jobs are accessible by public transit or on foot.

JLL represented the seller, a partnership between Fore Property Company and Principal Real Estate Investors. The JLL team was led by Ira Virden, Carrie Kahn and Frank Solorzano.

“Northpointe presents an opportunity with tremendous growth potential due to its transit-oriented North Portland location with close proximity to large employers such as one of the biggest athletic retailers, a global automotive supplier and Legacy Health, which continue to expand in the region,” says Virden. “With a very limited pipeline of new housing supply coming in Portland, this asset is poised for tremendous growth.”