The Janey, which has 112 studio and one-bedroom units, was purchased for $45 million.
BY JACOB PALMER | DIGITAL NEWS EDITOR
The Janey, which has 112 studio and one-bedroom units, was purchased for $45 million by a Singapore investment group.
The price translates to $647 per square foot.
“It’s definitely up there,” he said, “but am I shocked by that number? Not if you look at the asset and its location in one of the best rental submarkets in Portland.”
Portland’s Columbia Investments Ltd. and Lone Wolf Investments LLC of Washougal, Wash., announced the sale of The Janey today. The project, designed by GBD Architects, sold to the Mapletree Group, a real estate investment firm based in Singapore that works in partnership with the California-based Oakwood Worldwide.
(READ MORE: Portland Business Journal)
The apartment building is located on NW Everett St., between 10th and 11th.
GBD Architects designed the development, which has rooftop decks and mechanized parking. The first phase, completed in 2012, is six stories tall. The expansion, completed this year, is three floors taller.
“We’re very proud of this building,” said Peter Stott, president of Columbia Investments, in the news release. “It’s prime real estate in a thriving neighborhood, and we had every intention of holding onto it for the long run. But the quality and the location of the apartments proved to be a very attractive opportunity for the buyer.”
The buyer was Singapore’s Mapletree Group, a real estate investment firm that is in partnership with Los Angeles-based Oakwood Worldwide. The commercial real estate firm Berkadia helped broker the deal, representing the sellers.
(READ MORE: OregonLive.com)