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.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.