CHICAGO, IL - JLL Capital Markets announced today that it has closed the $44 million sale of Misty Ridge, a 103-unit, garden-style multi-housing community in Happy Valley, Oregon, in the Portland MSA.
JLL marketed the property on behalf of the seller, Misty Apartment, LLC, and the developer Gramor Development Inc. DHIJ Management acquired the property.
Misty Ridge comprises one-, two- and three-bedroom units averaging 953 square feet. Units feature full-size washer and dryers, air conditioning, walk-in closets, stainless steel appliances and USB outlets. The community offers a clubhouse, outdoor kitchen and dining lounge, fire pit, dog park and parcel lockers.
Located at 12846 SE 157th Ave., Misty Ridge is surrounded by a host of expanding healthcare, educational and manufacturing companies, including Providence Health Willamette Falls Medical Center. The property’s location connects residents to major transportation arterials, granting access to downtown Portland in 25 minutes via the MAX light rail at Clackamas Town Center Transit Station.
Nearby Misty Ridge is Happy Valley Crossroads, the Gramor-developed, mixed-use retail center at Southeast 172nd Avenue and Sunnyside Road, featuring anchor tenant Fred Meyer grocery store and general retail. Phase one of Happy Valley Crossroads is now fully leased. Phase two, across 172nd Avenue and named Happy Valley Crossroads East, is actively leasing.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“Happy Valley has experienced 28 percent population growth over the last five years and has become one of the most desirable investment submarkets in the Portland MSA,” said Virden. “Misty Ridge is a truly unique asset that is next door to a New Seasons, and the community offers protected sweeping views of the Willamette Valley that makes it extremely difficult to replicate.”