Guardian and joint venture partner PCCP have acquired Ladd Tower, a 23-story, 332-unit Class A multifamily community in downtown Portland, Ore. The firms bought the property for $63 million. Invesco Real Estate sold the property.

The price is approximately 20 percent less than the $79 million that the previous owner paid for the tower in November 2010, according to Yardi Matrix data. Invesco acquired the multifamily high-rise from U.S. Bank, which had repossessed the property from developer Opus Corp. through a deed in lieu of foreclosure. Opus delivered the asset during the Great Recession in 2009.

Guardian is planning an $8 million capital improvement program over the next three years in a value-add strategy designed to increase net operating income and strengthen the asset’s position in the city’s urban core market. The firm will upgrade cabinets, countertops and kitchen backsplashes, as well as flooring and trim in the bathrooms.

Common area improvements will include a fitness center expansion and a refresh of the ground floor and elevator lobbies. Guardian also plans to expand the fourth-floor community room with access to an outdoor garden terrace with barbecue areas and firepits.

“Portland continues to represent a long-term investment opportunity for us, particularly in the urban core where we believe there is meaningful upside as the market recovers,” Guardian President Tom Brenneke told Multi-Housing News. “We see strong fundamentals in the city’s housing demand drivers, including its quality of life, educated workforce, limited new supply pipeline and relative affordability compared to other West Coast markets.”

Closer look at Ladd Tower

Ladd Tower is located at 1300 SW Park Avenue along the South Park Blocks, a 12-block, tree-lined greenspace that stretches north from the Portland State University campus through the Cultural District. The location gives residents access to major employment centers, retail, dining and cultural institutions.

The LEED Gold-certified building has more than 255,000 square feet of residential and amenity space. It has a mix of studio, one- and two-bedroom units ranging in size from 502 to 1,657 square feet. Rents range from $1,301 to $3,224, with an average of $1,962, according to Yardi Matrix data. The asset is currently 94.3 percent occupied.

Ladd Tower apartments include hardwood floors in select units, granite countertops, stainless steel appliances, high ceilings, balconies and in-unit washers and dryers. Community amenities include a clubhouse, a fitness center, a business center, a media center, grilling and picnic areas, bike storage and controlled access. The community has 468 parking spaces.

The transit-oriented property is situated within a quarter-mile of 10 public transportation stations, offering residents access to the Portland Streetcar Line, MAX light rail and buses. Portland International Airport is roughly 13 miles from Ladd Tower.

Earlier joint ventures with PCCP

The Ladd Tower purchase is the third partnership between Guardian and PCCP, a New York City-based private equity firm providing commercial real estate debt and equity capital solutions. In October 2014, the partners acquired The Louisa, a 16-story, 242-unit luxury multifamily property at 123 NW 12^th Ave. in the Pearl District in Portland. Part of the Brewery Blocks redevelopment delivered in 2005, The Louisa includes 30,000 square feet of ground-floor retail.

Guardian and PCCP also partnered on the development of Seven Acres, a 234-unit, Class A apartment community that was completed in October 2023 in Milwaukie, Ore.

Since 2002, Guardian has developed or acquired more than 14,000 units of market-rate, affordable and mixed-income housing and 350,000 square feet of commercial space. The firm operates approximately 200 communities across multiple states including Oregon, Washington, Arizona, New Mexico and Texas.

In one of the largest single preservation transactions in the affordable housing sector, Guardian partnered with National Equity Fund in September 2025 to preserve a 13-property, 2,740-unit portfolio for $444 million. Guardian is the owner and operator of the properties located in the Portland and Albuquerque, N.M., metros. The seller of the portfolio was GSL Properties, according to Yardi Matrix data.

The post Guardian JV Acquires Portland Tower for $63M appeared first on Multi-Housing News.

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