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A year after ground was broken, one of Northwest Portland’s newest apartment buildings is filling up fast.

The Addy, a 104-unit building on the corner of Northwest 18th Avenue and Northrup Street, opened at the end of February and is approximately 55 percent leased, according to Meghan Hill, director of marketing for Guardian Real Estate Services, which is managing the property. The $15 million project was Seattle-based Lake Union Partners‘ first in the Portland area, though it started looking for a second property shortly after acquiring the one for The Addy in January 2013.

Hill said The Addy was 25 percent pre-leased before it was completed. The building benefits from a location pushing the boundaries of popular nodes along Northwest 23rd Avenue and the Pearl District, she said.

“That’s what we’ve been leveraging from a marketing standpoint,” she said, adding that the streetcar runs directly in front of The Addy. “We’re perfectly situated between Northwest 23rd and the Pearl District, and you can really walk to both.”

Hill noted that the units are slightly cheaper than nearby apartments like the Franklin Ide or the Savier Street Flats; that’s because they’re also slightly smaller. Studios range in size from 418 to 593 square feet, and $1,125 to $1,545 in price; one bedroom units range in size from 543 to 635 square feet, and $1,350 to $1,600; and 779-square-foot two-bedroom units are going for $1,950 to $2,935.

The most popular unit has been the Macleay – a 418-square-foot studio with a tiny sleeping nook set aside from the main unit.

“It just flew off the shelf,” Hill said.

Meanwhile, the second location of Boke Bowl – a popular eatery based in Southeast Portland – is set to open in The Addy on April 30. Owner Brannon Riceci said he liked the location for the same reasons that Lake Union Partners started the project.

“It (is) a great space, and we think this is the right time for this neighborhood,” he said. “We really like this neighborhood, and we like that it bridges the gap between the Pearl and the Alphabet (District).”

Other nearby eateries and watering holes include Le Happy, Slabtown Bar, the Bent Brick and Justa Pasta.

“There are a few things down here; we’re excited to have some neighbors close by,” Riceci said. “But at the same time, there’s definitely room for more – and we’re going to be one of the more.”