Developed by Metzler Real Estate and Gerding Edlen, LEED Gold certified multi-family property is in heart of popular Hawthorne District.
Jones Lang LaSalle (JLL) Capital Markets experts successfully arranged the sale of The 20 on Hawthorne, on behalf of local developer Gerding Edlen LLC and investor Metzler Real Estate. JP Morgan purchased the 51-unit property, which also includes 5,000 square feet of ground floor retail.
The Multifamily Investment Sales team of Managing Director David Young, Senior Vice Presidents Seth Heikkila and Corey Marx and Vice President Joe Nydahl led the Jones Lang LaSalle team on this transaction. Located in one of the strongest submarkets in Portland, the property had a vacancy rate below 3 percent, less than the market-wide vacancy of 3.55 percent. Three retail tenants – a café, sushi restaurant and dentist office – occupy all of the retail space.
Developed by Gerding Edlen and Metzler Real Estate, designed by GBD Architects, and constructed by Lorentz Bruun Construction, The 20 on Hawthorne is a single four-story LEED Gold certified mixed use asset at 1550 SE 20th Avenue in the heart of the popular Hawthorne neighborhood. The property features one and two bedroom units with an average unit size of 657 sq. feet. Each unit features European-inspired design including high end finishes, premium energy-efficient lighting, 9 foot ceilings throughout, as well as EnergyStar appliances, and large operable windows.
“The 20 on Hawthorne proves that smart, sustainable development located in urban in-fill areas like Portland’s Hawthorne District will lead the way in the investment market recovery,” said Don Wise, President and CEO of Metzler Real Estate.
The building is adjacent to the TriMet transit line to light rail and downtown Portland and is also served by ZipCar. The building is unique to the market in that it features the first automated three tier parking system in Oregon and provides parking for 29 cars in a space which would normally accommodate only 10 vehicles. The building also offers five surface parking spots.