With downtown Portland’s supply dearth telling the story, a 147-unit multifamily community in downtown Portland, Storyline, recently sold for $46.3 million to an affiliate of The Wolff Company, an Arizona-based multifamily investment firm. The 14-story building was originally constructed in 2018 at 1177 SW Market St. adjacent to I-405.
The unit mix is comprised of studios, one- and two-bedroom apartments. Amenities include a rooftop lounge, fitness studio, clubroom and pet station.
CBRE’s Josh McDonald, Phil Oester and Joe Nydahl represented the buyer along with sellers Mortenson and HQ Capital Real Estate, in the transaction.
“The acquisition of Storyline represents a rare opportunity to purchase a class-A high-rise tower in Portland’s historic arts district adjacent to Portland State University,” said McDonald. “The lack of future urban core supply in addition to the project’s direct access to major employers positions Storyline for significant rent growth.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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