Waterfront Pearl
- 1260 & 1310 NW Natio Pkwy, Portland OR 97209
- Walkability Score: 93/100
- 2 Towers - 10 Stories - Waterfront - Built in 2007
- Rental Policy: 48 unit rental cap - no short term rentals
Waterfront Pearl Condos For Sale
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My Take on Waterfront Pearl
by Chris Mackovjak, Portland Broker & Condo Specialist
For quiet, waterfront condo living most people look to the South Waterfront which totally makes sense. But there is a way to enjoy that waterfront lifestyle while still being in the Pearl District. Waterfront Pearl makes it possible. I've listed more than a few condos here over the years and helped a lot of buyers, so I've spent quite a bit of time in these buildings. In fact our old Highrises Realty brokerage office used to be on the first floor where a terrific sushi restaurant is now. Waterfront Pearl is actually two connected towers built in 2007 and designed by Danish architect Soren Rasmussen, whose modern vision still holds up almost 20 years later. Together the buildings have just under 200 condos across ten floors and many have fantastic Willamette River and bridge views.
Condo Living at Waterfront Pearl
The 1260 NW Naito Waterfront Pearl building is called Azure and it's where you'll find the amenities like a well-equipped fitness center, a dry sauna and a shared outdoor patio with BBQ's. This is also where you'll find the 24/7 security and concierge desk that serves both towers. The 1310 NW Naito building is called Mistral, and in between the buildings is a serene enclosed water feature that really gives the place a peaceful, calm feeling even though you're in the middle of the city. Keep an eye out for beavers who are known to try to dam up the fountain!
The views here are terrific and depending on your floor and orientation, you can watch ships pass right by your balcony, enjoy sunsets reflecting off the water and watch the Broadway and Fremont Bridges light up at night. Higher floor units have views of Mount Hood and Mount St. Helens on a clear day. The "01" stack of corner units at Mistral is a popular one because you get panoramic views of the river, city skyline, and both bridges all at once. You'll be everyone's favorite host when the Christmas Ships Parade floats by during the holidays!
About the Condos
Rasmussen's modern design holds up really well inside and out. Floor-to-ceiling windows are standard throughout both buildings, not just in the higher-end units, so even a small studio here feels open and filled with light. If you're looking for sales data and price trends check out my current market report for Waterfront Pearl. Let's dive into the actual units though and how they live on a daily basis.
One-bedroom units typically run from around 830 to 1,100 square feet. Two-bedroom homes range from about 1,100 to 1,760 square feet, and larger corner and penthouse units stretch to over 2,000 square feet with private terraces. Most units have hardwood floors, gas cooking, island kitchens, soaking tubs in the primary baths, big walk-in closets and more. The kitchens are some of my favorite in Portland because the materials and colors are timeless. I've had buyers here comment that they can't believe the kitchens are original because they look so modern and updated.
Another thing I like about Waterfront Pearl is how flexible many of the floor plans are. Quite a few units include a den or office nook making them great for working from home even in a one bedroom. There's a two-bedroom layout in both buildings that has a third room that makes a terrific office or media room because it doesn't have any windows (floor plan below). It can't serve as a bedroom because it doesn't have a window or closet, hence the 2/2 configuration. It can be found in both buildings, but I'd look for one in Azure with a view of the bridge and river. It also has a full laundry room (not just a closet) and big corner kitchen. Both buildings also have a handful of two-story live/work units on the lower levels with commercial permits for M-occupancy (mercantile/retail).
Every unit here has a private balcony though the size varies considerably from smaller decks on lower-floor one-bedrooms to big wraparound terraces on the upper floor corners. Several upper-floor units have a main patio plus a primary bedroom balcony as a second outdoor space.
The Neighborhood
You can't get any closer to the Willamette River than this, and the walking and biking trail is just outside the front door. The North Pearl district with its parks and restaurants is just a short walk away but you do have to cross the tracks to get there. Some residents like this separation because it feels like you're just outside of the Pearl traffic and noise but still able to get there easily when you want to.
A lot has been made of the Centennial Mills redevelopment project that's going to happen right next door, so it might get noisy in the next year or two during construction. Because of the angle of the building some units closer to Naito may lose part of their view, but most by the river should be OK. Once it's done I think the new development will be a net benefit to the Waterfront Pearl residents as it will include new retail, river access and a long-awaited pedestrian bridge across the railroad tracks right to Fields Park.
HOA and Building Management
Waterfront Pearl is managed by Kin Living (in March 2026) and the HOA generally gets good marks from residents for being well managed and having reserve funds. If you decide to buy a condo here you'll have a chance to review the HOA docs before closing to see the meeting minutes, account balances and info on pending and previous assessments if there are any. HOA dues range from around $389 per month for a studio to roughly $1,600 per month for the larger penthouse residences, and the association covers water, gas, sewer, trash, exterior maintenance, concierge, gym, sauna, grounds maintenance. There's a move-in/move-out fee, and new owners contribute to the working capital reserve with two months of HOA dues at closing in most cases.
Owners are allowed to rent their condos out but there is a rental cap of 48 rentals total. No short-term rentals or Airbnb nightly rentals are permitted. Up to 2 pets are allowed per unit with some dog breed restrictions.
Deeded parking is included and every unit will come with at least one secured garage space. Larger units often include two tandem spaces. Owners can pay to install EV charging in their parking spot if the resources and spacing permits. Check with the HOA before buying a unit if that's important to you. Dedicated storage units are included with most units and their square footage is tracked separately as deeded property with its own tax ID.
Summing Up Waterfront Pearl
Like I said at the beginning I've helped a lot of clients buy and sell here. My clients love the sense of community here with lots of neighbors knowing each other by name and attending events together. Even though it's 20 years old the building has nice touches that are hard to find in other even newer buildings. For instance on each floor there is a recycle chute in addition to the trash chute so you don't have to schlep your recyclables down to the trash room. Nice.
The location gives you the best of both worlds in the Pearl with quiet waterfront time when you want it, and busy city time and transportation options just across the tracks in the North Pearl. I've heard residents say they wish there was a Biketown station closer but that will probably come with the Centennial Mills development when more people move down to the shore. I've also heard some grumbling about how small the primary showers are so check that when you look at one to make sure you're comfortable with it. But that's it for complaints which says a lot about how easy daily life is at Waterfront Pearl.
Contact Chris About Waterfront Pearl
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