Guardian, a Pacific Northwest-based multifamily owner, operator and developer, has acquired Ladd Tower, a 23-story, 332-unit residential high-rise located at 1300 S.W. Park Avenue in Portland, Oregon. The deal was completed in partnership with PCCP for $63 million.

The Ladd Tower acquisition reflects Guardian's conviction in Portland’s urban core. With institutional capital broadly retreating from downtown markets, Guardian's continued confidence in high-quality, well-located urban housing positioned the firm to acquire this asset at a highly attractive basis.

Built in 2009 and LEED Gold certified, Ladd Tower includes more than 255,000 square feet of residential space and a full suite of amenities, positioning it competitively within the downtown high-rise segment. The property’s location along the South Park Blocks provides immediate access to retail, dining, cultural institutions and major employment centers.

Guardian plans to implement an $8 million capital improvement program over the next three years, focusing on modernizing unit interiors and enhancing amenity spaces to align with evolving renter 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.

“We view this as a strong investment opportunity with clear upside through targeted reinvestment,” said Tom Brenneke, President of Guardian. “Ladd Tower offers the scale, location, and construction quality that should drive outperformance as Portland's downtown continues to recover. We are focused on disciplined execution to deliver long-term value for our partners.”

This marks Guardian's third partnership with PCCP in the past four years, reflecting a deepening relationship around high-conviction Pacific Northwest investments, particularly in supply-constrained, high-barrier urban markets.

The acquisition expands Guardian’s portfolio and aligns with the firm’s broader strategy of acquiring and repositioning institutional-quality assets with strong long-term fundamentals across the region.