Harrison Tower was one of three towers totaling 536 units thatcomprised the Portland Center Apartments, all of which EquityResidential sold for $77.5 million in 2005 to Portland CenterInvestors, a local partnership intent on converting them tocondominiums. The first two towers were emptied of tenants,renovated and converted. One has eight units remaining to be soldand the other has 38 units remaining unsold.

Harrison Tower was to be the third conversion. JB says itsourced the acquisition directly from the local partnership on aprincipal-to-principal basis. PCCP provided the acquisitionfinancing. The loan to cost was not immediately available.

JB Matteson says the previous owner substantially completed arenovation of the building. The units now have new granitecountertops, new cabinets, stainless steel appliances, new operablewindows, bathroom vanities and flooring. An adjacent undergroundparking structure provides one parking space per unit. JB Matteson,which will manage the final renovations and lease-up, says thesales center will be converted to a leasing center, administrativeoffices, and a cyber café. The ground floor of the building will beconverted to a fitness center overlooking the swimming pool and spaarea.