Barings Sells 294-Unit Multifamily High-Rise in Portland for $116.1M
PORTLAND, ORE. — Barings, a diversified real estate investment manager, has completed the sale of Riva on the Park, a multifamily property located in Portland’s South Waterfront neighborhood. Griffis Residential acquired the high-rise asset for $116.1 million, free and clear of existing financing.
The 22-story property features 294 apartments, averaging 811 square feet, and more than 13,000 square feet of ground-floor retail space. Apartment amenities include granite countertops and plank-wood flooring in the kitchens; oversized, energy-efficient windows; full-sized washers/dryers; central heat and air conditioning; decks or patios; and city and river views. Community amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services.
The transit-oriented Riva on the Park is located steps from Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The community is also adjacent to Oregon Health & Science University, which is undergoing a 1.1 million-square-foot expansion.
Ira Virden and Carrie Kahn of JLL represented the seller in the transaction.