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IPA Brokers Sale of Newly Built Portland Multifamily
Institutional Property Advisors (IPA) completed the sale of Sandy28, a newly built 206-unit mixed-use apartment building with 3,300 square feet of retail space in Portland, Oregon. IPA director Anthony Palladino and the firm’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Ryan Harmon represented the seller, Fairfield, the property’s developer.
“The sale of Sandy28 represents one of the only institutional-sized transactions to take place within Portland’s urban core in the last 18 months,” said Palladino. “We’re certainly experiencing the pressure of continued rate hikes across all multifamily product types, but given the substantial discount on a per unit basis to both current replacement cost and recent suburban trades, there are some compelling opportunities attracting buyers to the space.”
Developed in 2020, the property is located in the Kerns neighborhood within walking distance of dozens of restaurants, bars, markets, and grocery stores along NE 28th Avenue, which is known locally as Portland’s “Restaurant Row.”
