Institutional Property Advisors (IPA) has successfully completed the sale of Sandy28, a recently constructed mixed-use apartment complex in Portland, Oregon. The property consists of 206 units and includes 3,300 square feet of retail space. Fairfield, the developer of the property was represented by Palladino and IPA’s team consisting of Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon.
According to Anthony Palladino who is a director at IPA “The sale of Sandy28 is one among few institutional-sized transactions that have taken place within Portland’s urban core in the past year and a half.” He further adds that despite facing challenges due to increasing rates across all multifamily product types there are still attractive opportunities for buyers as current prices are significantly lower than replacement costs or recent suburban trades.
Sandy28 was built in 2020 and is situated in Kerns neighborhood which offers easy access to numerous restaurants,bars,grocery stores,and markets along NE 28th Avenue also known as Portland’s famous “Restaurant Row”. This newly developed property presents an excellent investment opportunity for potential buyers seeking high-quality multifamily assets within this highly sought-after location.
