PRESS RELEASE: Jones Lang LaSalle Closes Sale of One of Portland’s Greenest Apartment Properties

PORTLAND, ORE. Jones Lang LaSalle (JLL) today announced its Capital Markets experts have successfully arranged the sale of The 20 on Hawthorne, on behalf of local developer Gerding Edlen LLC and investor Metzler Real Estate.  JP Morgan purchased the 51-unit property, which also includes 5,000 square feet of ground floor retail.

The Multifamily Investment Sales team of Managing Director David Young, Senior Vice Presidents Seth Heikkila and Corey Marx and Vice President Joe Nydahl led the Jones Lang LaSalle team on this transaction.  Located in one of the strongest submarkets in Portland, the property had a vacancy rate below 3 percent, less than the market-wide vacancy of 3.55 percent.  Three retail tenants – a café, sushi restaurant and dentist office -- occupy all of the retail space.

Developed by Gerding Edlen and Metzler Real Estate, designed by GBD Architects, and constructed by Lorentz Bruun Construction, The 20 on Hawthorne is a single four-story LEED Gold certified mixed use asset at 1550 SE 20th Avenue in the heart of the popular Hawthorne neighborhood.  The property features one and two bedroom units with an average unit size of 657 sq. feet.  Each unit features European-inspired design including high end finishes, premium energy-efficient lighting, 9 foot ceilings throughout, as well as EnergyStar appliances, and large operable windows. 

“The 20 on Hawthorne proves that smart, sustainable development located in urban in-fill areas like Portland’s Hawthorne District will lead the way in the investment market recovery,” said Don Wise, President and CEO of Metzler Real Estate.

The building is adjacent to the TriMet transit line to light rail and downtown Portland and is also served by ZipCar.  The building is unique to the market in that it features the first automated three tier parking system in Oregon and provides parking for 29 cars in a space which would normally accommodate only 10 vehicles.  The building also offers five surface parking spots.

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About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.

About Gerding Edlen

Gerding Edlen is considered one of the nation’s leading experts in developing and managing green buildings, with an emphasis on developing properties that build community and positively reflect lifestyles of the future. Gerding Edlen is a full service real estate investment, development and asset/property management firm with a depth of experience in sustainable development and renewable energy. Recognized for their socially responsible approach to real estate investment, Gerding Edlen is one of the world's leading developers of LEED Certified properties with 57 certified or registered LEED projects. Since 1996, the firm has developed more than 60 green projects totaling nearly $5 Billion in real estate value throughout the United States.

About Metzler Real Estate

Metzler Real Estate provides independent advice and tailored investment services to private and institutional clients investing in key North American real estate markets. Metzler Real Estate’s multi-discipline expertise, defined processes and clear standards ensure a disciplined, active approach to value preservation and creation. As an affiliate of the Frankfurt-based private investment bank B. Metzler seel. Sohn & Co. KGaA (est. 1674), clients experience the benefits of stability, personalized service, and a history of proven performance. www.metzlerna.com

 

TAGS: Investment