Portland, Ore. (February 1, 2017) – Kidder Mathews announced today that it has closed a $20.15 million sale of the Muse apartments, a 58-unit, new construction, mid-rise apartment in NW Portland, Oregon. The seller, locally based, Gerding Edlen, is one of the nation’s leading real estate investment and development firms focused on urban infill, transit-oriented, and highly sustainable office, apartment, and mixed-use properties. The buyer is a private investment group based in Santa Clara, California.
Muse was completed in late 2016 and was 44% leased at the time of sale. The six-story building was designed by GBD Architects and built by R&H Construction. It is certified LEED Platinum and consists of a mix of studio, one-bedroom, and two-bedroom units. The high-end urban apartment homes have large windows, expansive views, and quality finishes throughout. Building amenities include a stacking car park system, bike storage, and a common roof top deck. Custom art, sourced from local artists, is curated throughout the building. Pinnacle will manage the property for the new owner moving forward.
Located at 1313 NW 19th Avenue, Muse is in the core of Portland’s Alphabet District, at the intersection of SW 19th Avenue and SW Overton Street. With a Bike Score of 98 and Walk Score of 93, Muse is within easy access to the bustling neighborhoods of NW 23rd and the Pearl District, as well as downtown Portland.
“The Muse garnered immediate interest from both local and national investors due to its thoughtful design and tremendous NW Portland location. It really represents the best of what Portland’s future should look like,” said Jordan Carter, partner at Kidder Mathews.
The sale achieved a price per-unit of $347,413 and $388 per-square foot. Kidder Mathews originally sold the 10,000 square foot development site to Gerding Edlen in 2014.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 19 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages 42 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.