Kearney Plaza Apartments was the first apartment building constructed in the Pearl District. All the hard work payed off. The seller, Hoyt Street Properties, faced a decision after ten years to refinance or sell. Pressured by investors and high interest in the property, they opted to sell. The 131 apartment building includes 8,000 square feet of retail space, with 98 percent leased in total. The buyer, J.P Morgan Asset Management, made the decision to buy after institutional investors advised to do so. The selling price, $36.875 million is a “20% premium over pre-sale estimates” said Wendy Culverwell, with the Portland Business Journal.
[via Portland Business Journal]