Urban Asset Advisors, a local firm founded by longtime broker Tim O'Brien almost three years ago, is building the Couch 9 mixed-use project in the Pearl District near the Brewery Blocks. It will offer 136 apartments, ranging from studios to three-bedroom units.
The Couch 9 apartments will add 136 units to the Pearl District at Northwest Couch and 9th. The units will average 737 square feet, according to information in a release provided by Holliday Fenoglio Fowler, L.P. HFF arranged a $41.6 million construction loan for the development, which will also include 5,258 square feet of ground floor retail. HFF secured the construction loan through a non-local debt fund.
The HFF debt placement team representing the borrower was led by managing director Casey Davidson and associate director Erica Christensen.
Set to be completed in late 2017, the development's units will offer stainless steel appliances, quartz countertops, in-unit washer and dryers, fireplaces, 10-foot ceilings and balconies in select units. Residents will also have access to an exercise room, club room, rooftop deck, bike storage and a wine storage room. It will also feature a two-level subterranean parking garage with 69 stalls.
“Couch 9 has a desirable in-fill location in one of Portland’s most acclaimed neighborhoods, ‘The Pearl’, an amenity rich area known for its high-rise condominiums, upscale boutiques, and beautiful modern parks,” said Davidson in the release.
The development is one among a list of projects that Urban Asset Advisors has in the works at the moment.
Among its other projects:
- Grand Belmont Apartments, a $62.3 million, 14-story apartment building with 240 units at Southeast Grand and Southeast Belmont set to deliver in 2018
- Division Street Flats, a three-story, 14-unit building at 5134 Southeast Division that will wrap up by the end of 2016
- The $26.5 million Quimby Apartments at Northwest 19th and Quimby, set to be done in late 2017
- The Multnomah Village Apartments, an $18 million, four-story project planned for 7707 S.W. Capitol Highway for the third quarter of 2017.