Ladd Tower sold for $79.35 million to a Dallas-based institutional investor in November, marking the largest apartment sale of the year.
CoStar Group and the Daily Journal of Commerce first reported the news.
Invesco Institutional acquired the 332-unit tower from U.S. Bank. The bank took over Ladd Tower, 1300 S.W. Park Ave., in August from developer Opus Northwest in lieu of foreclosing on an $82 million construction loan.
Ladd Tower is one of the last local projects completed by Opus Northwest, once one of the region’s most prolific developers with 17 million square feet developed in the metro area.
Also in November, Opus sold its 101-unit Park 19 project, 550 N.W. 19th St., or $28.8 million to TIAA-CREF, a New York investment giant.
@wendyculverwell | wculverwell@bizjournals.com | 503-219-3415
Read more: Ladd Tower sold for $79 million | Portland Business Journal
OREGON REAL ESTATE ROUND TABLE 