Museum Place

Year Built: 2003
Location: Downtown Portland, OR
Units: 140 apartments plus 49,242 SF retail

Sale Date: 12/30/2011
Sale Price: $55,300,000
Financing: New debt

The Property:
Museum Place is an institutional grade property located in downtown Portland. The property is mixed use, including both retail/commercial space, along with market rate and income restricted apartments.  

The Challenge and Results:
A large portion of the property included a single-tenant retailer. The challenge lay in properly valuing the portions separately and educating apartment investors on the retail portion of the property. The marketing goal was achieved by positioning that captured the attention of apartment investors in order to obtain the strongest cap rate.

Museum Place was marketed unpriced. The call for offers generated significant interest in this unique property. Through active marketing efforts, the sale price exceeded the original anticipated sale value. The property was purchased by a national institutional buyer making an entry into the Portland market.