HFF announces $47.37M in joint venture equity for multi-housing development in Portland, Oregon
PORTLAND, OR – May 16, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $47.37 million in joint venture equity for the development of 100 Columbia, a 347-unit, Class A+ high-rise multi-housing community in the Portland CBD.
Working on behalf of developer, Alamo Manhattan, the HFF team arranged a joint venture equity partnership with Diamond Realty Investments.
100 Columbia is located on a 0.92-acre site that spans the block bound by SW Clay Street, SW 1st Avenue, SW Columbia Street, and SW 2nd Avenue. The site, which has a WalkScore® of 93, will support what will be the nearest high-rise residential building to the Willamette River in the CBD. The site is also one block from Tom McCall Waterfront Park to the east and Keller Auditorium to the west, and is within three blocks of the CBD’s core job center that is home to more than two million square feet of high-rise office.
Due for completion in 2020, 100 Columbia will include a mix of studio, one- and two-bedroom ultra-luxury units averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including an expansive 15,000-square-foot, sixth-floor amenity terrace as well as a 20th-floor rooftop resident lounge, which will open onto an observation deck with unobstructed views of the downtown skyline, Mount Hood and the river. The property will also include a 16th floor rooftop terrace. In addition to the multifamily component, 100 Columbia will incorporate nearly 15,000 square feet of ground-floor retail, which will provide immediate convenience for residents and the office employees in the surrounding area.
The HFF equity placement team representing the developer included senior managing director Ira Virden, senior director Mark Erland and director Matt Benson.
About Alamo Manhattan
Alamo Manhattan is a Dallas-based real estate firm primarily focused on developing best-in-class, mixed-use multifamily assets in core urban markets. The firm was founded in 2010 to pursue new development opportunities in core urban markets. Alamo Manhattan currently focuses on urban markets in Texas and the West Coast, and has completed, or has under construction, approximately $465 million in development projects located in Dallas, San Antonio, Seattle, and Portland. The firm has a robust pipeline of future projects on sites that it either owns or controls, totaling over $500 million. The company is continuously seeking and evaluating new sites for development. For more information, visit alamomanhattan.com.
About Diamond Realty Investments
Diamond Realty Investments is a national leader in the investment and development of multifamily, student housing and industrial real estate properties. Specializing in joint venture partnerships, Diamond Realty is the real estate investment arm of Mitsubishi Corporation (mitsubishicorp.com) and has invested in more than 147 multifamily, student housing and industrial properties with a total acquisition and development cost surpassing $4.3 billion. For more than 20 years, Diamond Realty has partnered with the nation’s leading developers to create best-in-class living and working environments. diamondrealtyinvestments.com
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.