Guardian Real Estate Services and its lender Broadreach Capital Partners sold The Ellington, a 263-unit apartment community in Portland, Oregon, to The Portland Housing Bureau, for $47 million.
The Ellington is situated on approximately 11 acres at 1610 NE 66th Avenue in Northeast Portland’s Madison South neighborhood. The property is adjacent to the historic Rose City Golf Course and less than a mile from the NE 60th Avenue MAX light rail station.
The Ellington offers a mix of studio, one-, two- and three-bedroom townhome-style units averaging 842 square feet each.
The HFF investment sales team, which marketed the property for its sellers, was led by managing director Ira Virden and director Carrie Kahn. “We were pleased to work on this with the Portland Housing Bureau on the seller’s behalf so they could fill the large demand for affordable housing in the community,” said Virden. “The Ellington is truly a unique asset in a location that will only grow in demand over time.”