Dealmaker: IPA Sells Modera Goose Hollow Apartments for $47.5 Million

Institutional Property Advisors, Portland, Ore., a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, sold Modera Goose Hollow, a 134-unit luxury apartment building in Portland. The $47.5 million sales price equates to more than $354,000 per unit.

“The property is a prime multifamily investment asset in one of Portland’s original residential neighborhoods,” said Pete Shelton, IPA executive director. “The area is densely populated, extremely pedestrian-friendly and popular with students from Portland State University, which just on the other side of the 405 freeway.”

Shelton and Kim Grant, IPA senior director, represented the seller, a partnership of Millcreek Trust and a Global Real Estate Investment Manager and procured the buyer.

Built in 2016, the property is at 2004 SW Jefferson St., across the street from a MAX light rail system train station. Washington Park, West Hill, the Pearl District and downtown Portland are nearby.

Modera Goose Hollow is a five-story building with apartments from 555 square feet to 990 square feet. Interior amenities include USB ports, bike hooks and washers and dryers. Among the community amenities are shuffleboard, a coffee bar and rooftop space with views of Mount Hood.