A 23-story, 332-unit residential high-rise in downtown Portland has sold for $63.3 million. Multifamily property owner, operator and developer Guardian acquired Ladd Tower in partnership with investment manager PCCP (Pacific Coast Capital Partners) of Los Angeles.

Ladd Tower is located at 1300 S.W. Park Ave., along the South Park Blocks. The building’s previous owner was institutional investor Invesco, according to Guardian.

Built in 2009 and rated Leadership in Energy and Environmental Design gold, Ladd Tower includes more than 255,000 square feet of residential space and a full suite of amenities, a press release states.

Guardian plans to implement an $8 million capital improvement program in the building over the next three years. The focus will be on modernizing units’ interiors and enhancing amenity spaces to align with renters’ evolving needs. The value-add strategy is designed to increase net operating income and further strengthen the asset’s position within the Portland urban core market, the press release states.

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