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Modera Davis, a new 204-unit building in Portland’s Pearl District still awaiting an occupancy permit, has sold to an institutional investor.

Virtu Investments of Carlsbad, California, snapped up the 12-story, 225,000-square-foot building at 255 N.W. 10th Ave. It was developed by Mill Creek Residential Trust, a national firm based in Boca Raton, Florida, that has invested heavily in Portland’s multifamily market.

The purchase price was not immediately available, and a Portland-based Mill Creek Residential Trust executive could not be reached for comment Tuesday.

Modera Davis’ apartments average 658 square feet. The building also has 8,307 square feet of retail space and 136 parking stalls in two underground levels.

The building sits on half of a block that also holds Deschutes Brewery‘s Portland pub and Bearing Service Co. Powell’s City of Books and major employers including Vacasa and Wieden + Kennedy are nearby.

Modera Davis is the sole Portland property in Virtu Investments’ portfolio. The firm in 2015 purchased the 145-unit Courtyard at Cedar Hills in Beaverton. Then in 2017, Virtu added the 146-unit Barclay Village in Oregon City.

SERA Architects designed Modera Davis, and Mill Creek Residential Trust’s construction arm, MCRT PNW Construction, built it.

JLL Capital Markets marketed Modera Davis on behalf of the seller. The JLL team was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

Mill Creek Residential Trust has developed and built six Modera-branded properties in Portland. A seventh, Modera Woodstock, is in development in Southeast Portland.