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PCCP, Guardian Real Estate Services Acquire Pearl District Apartments
A joint venture of PCCP, LLC and Guardian Real Estate Services has acquired The Louisa, a 242-unit, 16-story apartment community located at 123 NW 12th Avenue in the Pearl District of Portland, Oregon.
The property also includes 29,295 square feet of ground-floor retail space and shared ownership of the Brewery Blocks parking garage, one of the largest parking garages in downtown Portland. Built in 2005, The Louisa spans a full city block, is adjacent to a Whole Foods, and is part of the Brewery Blocks, a five-block mixed-use development that includes 1.7 million sf of retail, housing, and office space.
The asset consists of 242 units with townhomes, studio units, and one- and two-bedroom apartments. The ground floor retail space is leased to West Elm, Williams Sonoma, Frame Central, Lululemon, and The Cookie Dough Cafe. “The Louisa is in an amenity-rich location, proximate to employers and has historically been one of the top apartment assets in downtown Portland,” said Matt Cochran, a Managing Director with PCCP.
