Institutional Property Advisors (IPA) has successfully completed the sale of Sandy28, a mixed-use apartment building in Portland, Oregon. The property consists of 206 newly built units and 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 recent sale transaction for Sandy28 stands out as one among very few institutional-sized deals that have taken place within Portland’s urban core over the past year and half.” He further added that despite facing pressure from increasing rates across all multifamily product types there are still attractive opportunities drawing buyers towards this market due to significant discounts on per unit basis compared to current replacement cost as well as recent suburban trades.
Sandy28 was developed in 2020 and is situated in Kerns neighborhood which offers easy access to numerous restaurants,bars,marts,and supermarkets along NE 28th Avenue also known locally as “Restaurant Row”. This prime location adds value for residents looking for convenience while living here.
