IMG Northwest Closes $3.46 Million Sale of Multifamily Property in Portland, Oregon

Portland, Oregon (July 8, 2019) — IMG Northwest announced it has closed the $3,460,000 million sale of Joule Flats, a multifamily property in the Northeast Portland’s Woodlawn Historic District. Lindsey Zehel facilitated the transaction on behalf of the seller.

Joule Flats sits directly off of the 99E/MLK Blvd business corridor near Dekum Triangle and offers easy access to I-5 and Portland Int’l Airport. Joule Flats is located two blocks from Dekum Triangle containing a growing number of local breweries, restaurants, and coffee shops.

Twelve elegantly presented apartment homes offer a contemporary lifestyle with inviting 2- and 3- bedroom floor plans. Luxe details include a spectacular kitchen with porcelain tile backsplash and stainless steel Frigidaire Gallery® Collection applicances. Residents at this “Very Bikeable” location (96 neighborhood Bike Score®) enjoy a heated, secure community bike room.

Highlights

Livable, Spacious Unit Mix

The majority of new units delivered in the Portland Metro are smaller 1-bedrooms and studios. Joule Flats offers a more spacious and livable lifestyle in its unique 2- and 3- bedroom unit mix, filling an underserved niche for professionals and families seeking new construction in this neighborhood easily accessible to major employment centers. 

Strong Market Fundamentals

The City of Portland forecasts a population growth of 725,000 people by 2035. The area’s talent surge has pushed Portland to Forbes’ top five places for business for the past four years. Diverse Northeast Portland, offering quick access to major employment and retail centers, is one of the hottest up-and-coming areas experiencing one of the highest rates of redevelopment.

Contact Lindsey Zehel, Advisor at (971) 888-4010 ext. 102 for additional information.