PORTLAND, Ore.--(BUSINESS WIRE)--Guardian, a Pacific Northwest leader in multifamily operations, development, and investment, expanded its diverse portfolio by adding The Louisa, an iconic mixed-use property in the heart of Portland’s Pearl District.
Part of the Brewery Blocks redevelopment delivered in 2005, The Louisa includes 16 stories of luxury apartment homes and 30,000 square feet of retail space on the ground level home to well-known, high-end brands like Lululemon, West Elm, and Williams-Sonoma. Tom Brenneke, President of Guardian, said this investment is a commitment to Portland.
“While the national perception of Portland is still largely negative, institutional capital sentiment is beginning to warm again,” said Brenneke. “We work in multiple markets including Portland and believe the city is focused and serious about solving its problems.”
At The Louisa, Guardian plans a comprehensive update of the apartments and all common areas. Restoring the value of the nearly 20-year-old building will help attract more people to live and do business in the Pearl District. David White, newly hired Senior Vice President of Acquisitions for Guardian, said this purchase is also in line with the company’s shift in strategy to larger, institutional deals.
“I’m proud that Guardian is taking the lead in the revitalization of urban Portland,” said White. “We believe this investment represents an opportunity to acquire an iconic Brewery Block property at a point in the cycle where many institutional investors remain sidelined. PCCP, our joint venture partner, recognized the opportunity and shares our vision to reestablish The Louisa as the premier residential property in the Pearl District.”
About Guardian
Guardian is a developer, owner, and operator of multifamily properties, providing innovative real estate solutions dedicated to community and housing for all. Based in the Pacific Northwest, our customer-focused team is committed to supporting and lifting the communities we serve. Since 2002, Guardian has developed or acquired 11,000 multifamily units and 350,000 square feet of commercial space. With more than 400 team members, our management portfolio consists of 125 communities across four states. For more information, visit gres.com.
