PORTLAND, Ore., May 12, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of a 23,400-square-foot development site located along North Interstate Avenue in Portland, Oregon. The $3 million sales price equates to $128 per square foot.
“The property is a highly desirable, transit-oriented multifamily development site,” says Elizabeth Davis, IPA director. “This development will firmly establish the North Interstate corridor as a meaningful location in the desirable and close-in North Portland submarket.”
Davis led the national marketing campaign and procured the buyer. Will Stone, vice president investments in Marcus & Millichap's Portland office, assembled the site and represented the three sellers.
The buyer, Fairfield Residential, plans to build a structure new to the Portland market: a seven-story building consisting of five stories of wood frame above a two-story concrete podium and an additional level of subterranean parking. The mixed-use building will provide 141 apartment units and between 5,000 and 6,000 square feet of ground-floor commercial space designed to suit a full-scale restaurant and bar, two inline retail suites and a coffee shop/bakery.
The site is located in the city’s Overlook neighborhood at 5313-5327 N Interstate Ave., across the street from a MAX yellow line light rail station that offers a 12-minute ride to the Pearl District. Highly walkable, and with a Biketown bike share station at the site, the parcel assemblage is one mile from New Seasons Market and surrounded by households. Patton Square Park and Interstate Firehouse Cultural Center are across the street. Portland Community College’s Cascade Campus is a half-mile away and the University of Portland is within a few miles.
The property is made up of five CXd-zoned parcels: one is 10,400 square feet, two are 4,000 square feet each, and two are both 2,500 square feet.
“CXd is among the most ideal development zones in Portland, as it allows for many types of development,” Davis adds. “Plus, the site is located within the Interstate Corridor Plan area, which provides additional options that support the creation of a building that works for both the developer and the neighborhood.”