PORTLAND, OR – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of the iconic 21-tale, 284-unit Yard apartment tower in Portland, Oregon.

The development of this asset was completed in August 2016, sold pre-stabilization with 50 percent of the apartments leased, and is the largest multifamily sale to date in Portland’s urban core.

“This is a pivotal transaction in Portland, firmly establishing the emerging Central Eastside neighborhood as not only a desirable place live, but the next place for institutional and international buyers to invest,” said Elizabeth Davis, IPA executive director.

Davis, located in IPA’s Portland office, exclusively represented the seller, Block 67 LLC. Pete Shelton and Kim Grant, both located in IPA’s Seattle, Washington office, helped Davis. Philip Saglimbeni, an IPA executive director, along with Davis, procured the buyer, Land and Houses, a subsidiary of a Bangkok-based investment firm and first-time investor in the Portland market.

Yard is part of the Portland Development Commission’s Burnside Bridgehead Master Plot, an effort to revitalize entrepreneurial development in Portland. The architect is Skylab Architecture, which is known for ground-breaking design.

Yard is located at 22 N.E. 2nd Avenue in a former industrial neighborhood in Portland’s east side. The building has an elevated podium ecoroof that engages the pedestrian platform on the Burnside Bridge. Yard includes 26,000 square feet of commercial retail space and a public parking garage, and it holds a LEED silver certification.

Yard’s studio, one- and two-bedroom apartments feature city and river views, European style appliances, stainless steel quilted backsplash and condo-quality finishes. Reclaimed wood from the original Pendleton office building in downtown Portland was used for shelving.

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NEW YORK, NY – Mortgage rates shifted into reverse this week, with the benchmark 30-year fixed mortgage rate sliding to 4.27 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed also settled at 4.27 percent, while the average 15-year fixed mortgage rate was down to 3.49 percent. Adjustable mortgage rates were also on the downswing, with the 5-year ARM stepping lower to 3.46 percent and the 7-year ARM sliding to the lowest point since late November at 3.66 percent.

Investors are starting to get antsy for details and progress on new fiscal policy initiatives that could provide a boost to economic growth – such as tax cuts, infrastructure spending, and even reduced regulation. The buoyed hopes of quicker economic growth have lifted financial markets ever since Election Day, but with some uncertainty building among investors there has been a renewed go back into safe haven U.S. Treasuries. Mortgage rates are closely related to yields on long-term government bonds. The decline in bond yields and mortgage rates over the past week came despite a stronger than expected employment report that would typically be expected to push bond yields and mortgage rates higher.

At the current average 30-year fixed mortgage rate of 4.27 percent, the monthly payment for a $200,000 loan is $986.22.

SURVEY RESULTS

30-year fixed: 4.27% — down from 4.33% last week (avg. points: 0.26)

15-year fixed: 3.49% — down from 3.53% last week (avg. points: 0.20)

5/1 ARM: 3.46% — down from 3.49% last week (avg. points: 0.28)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. This week the panelists are divided, with 44 percent predicting further declines while another 44 percent expect that mortgage rates will remain more or less unchanged over the next week. Just 12 percent forecast a rebound in mortgage rates in the coming week.

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HOUSTON, TX – MORGAN, a leader in upscale multifamily development, construction and property management, has started construction on its latest Pearl luxury apartment development in Houston’s Midtown district at 3120 Smith Street.

The mixed-use project features a 40,000-square-foot Whole Foods Market on the ground floor and 264 residential units above the store. The new development, projected to open in 2019, is located across the street from MORGAN’s first phase of Pearl Midtown, which opened in 2014.

Residents of Pearl Midtown’s second phase will have direct access to the Whole Foods Market below via elevator from the residential floors that opens into the store. Other premium Pearl amenities include a dog park and dog wash area, a bike storage room, an Uber waiting room, and a sky lounge that contains a catering kitchen with views of downtown.

The new community also will boast a co-working space, which contributes to the live/work/play design of this flagship Pearl. The community’s fitness center that overlooks the pool courtyard will offer ample cardio and circuit training equipment, as well as an outdoor yoga lawn. Other outside amenities include the large resort-style pool with a sun shelf, poolside cabanas, grilling stations and TVs. A secondary courtyard space showcases views of downtown.

Units throughout the new Pearl Midtown feature open floor plans, hardwood flooring, gas cooking appliances, and fantastic views of the Med Center, the Galleria and downtown.

“We are very excited about the partnership with Whole Foods Market and breaking ground on this development,” said Development Vice President Philip Morgan. “Having a top-tier grocer at the base of our new Pearl is going to be an extraordinary and unique amenity for future residents, and will make an incredible impact on Midtown Houston, downtown and the surrounding neighborhoods. MORGAN owns several developments in Midtown, and we have seen the neighborhood continue to evolve over the past 15 years. Whole Foods Market’s brand and reputation will be a welcome addition to Midtown Houston.”

The project’s architect is Ziegler Cooper with interior design provided by the Carnegis Group.

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