Twenty Twenty Gets Repositioned as Multifamily

A $51 million senior loan was recently provided to ColRich Multifamily for the acquisition of Twenty Twenty, a seven-story 162-unit mid-rise apartment property located at 2020 NE Multnomah St. in Portland, OR. Built in 2019, the 67 percent-leased asset is situated along I-84 in Portland’s Central Eastside neighborhood.

Twenty Twenty was originally built as for-sale condos but has since been repositioned as a multifamily asset. Despite the repositioning and pandemic-induced leasing challenges, the property has experienced increased leasing velocity during the last several months.

“PCCP’s loan provides our firm with the opportunity to finance a high-quality class-A multifamily asset in Portland with a strong borrower which PCCP has targeted for many years,” said Matt Cochran, a vice president with PCCP LLC. “With Portland showing signs of recovering from the impacts of the pandemic, as well as a decline in the multifamily supply pipeline, this asset is expected to see strong leasing activity and rent growth.”

Twenty Twenty’s unit mix includes 18 studio units, 90 one-bedroom units and 54 two-bedroom units, with a variety of den, penthouse and garden floorplans.