Posts tagged apartments
REACH Community Development’s $3.9M Purchase of the Bronaugh Apartments Preserves 51 Units of Downtown Affordable Housing
REACH Community Development has paid $3.9 million for the 51-unit Bronaugh Apartments, a Section 8 affordable housing property at 1434 SW Morrison Street in downtown Portland. NAI Norris, Beggs & Simpson Vice President Robert Black represented REACH and the seller, Bronaugh Investors Oregon. More >
The Holt Distressed Property Fund has purchased Lot 1 at the Riverscape Development, a 1.5-acre parcel on the riverfront in the urban core. The lot is within the River District Urban Renewal Area at 2200 NW Front Avenue, and is designated for residential mixed-use development. More >
Multifamily vacancy decreased to 4.11% during Second Quarter. Downtown Portland units continued to be leased up at a healthy rate, as vacancy for both new and seasoned units fell around 2 percentage points. Last quarter, this report began tracking a number of recent central city deliveries, and two new properties, the Matisse in South Waterfront (272 units) and the Broadstone Enso in the Pearl (152 units), will be added to the report when they are stabilized in 2011. Rental rates increased by $10 overall, or a cent per square foot, and as expected, downtown units led these increases. More >
Multifamily vacancy decreased more than half a percentage point to 4.82%. Downtown, however, saw a significant increase in vacancy. This increase resulted in the addition of new product; we added ten properties totaling more than 2,100 units to the report this quarter.
Our report tracks buildings of 100 units and above in the metro area; we consider smaller buildings in some submarkets if they lack many 100+ unit properties. This quarter we added the majority of downtown units that have come to market in the past 24 months, excluding three properties that are under construction or have very recently delivered: the Broadstone Enso, the Matisse, and Indigo 12 West. More >
Norris, Beggs & Simpson Companies and Susan Bowlsby Stratton, a successful apartment management executive, have joined forces to found NBS Multifamily Management, a company dedicated to managing apartment communities of 100 units or more around the West Coast.
Why start a new venture in this economic climate? NBS Companies President J. Clayton Hering said he expects that as the job market grows, the demand for housing will increase, with a short supply of single-family and multifamily housing due to the significant reduction in construction over the last several years. With single-family lenders requiring greater equity and better credit, fewer people will be able to buy houses and will thus reenter the apartment market. More >
Multifamily vacancy continued creeping upward to 5.03% during Second Quarter. Vacancy a year ago was 3.46%, for comparison. Vacancy in SE Portland increased considerably to 7.37%, and SW Portland vacancy also saw a large jump to 5.70%. Vacancy in both the Gresham/Troutdale and Lake Oswego/ West Linn submarkets decreased, remaining below 4%. Rents stayed essentially flat, hovering around where they were last quarter. More >
Multifamily vacancy crept up a bit to 4.96% in the First Quarter 2009. For comparison, the overall vacancy rate a year ago was 3.80%. The Clackamas/Oregon City/Milwaukie submarket had the highest vacancy at 6.00%, nearly two percentage points up from last quarter. Vancouver’s vacancy decreased more than a percentage point, however, to 4.81%. Southwest Portland had the lowest vacancy at 4.28%.
Average rental rates in all apartment types rose slightly, between $2 and $5, during First Quarter. The Downtown Portland and Wilsonville submarkets saw significant price increases in certain apartment types. The price of a 2 BR/2 BA unit downtown increased by $26 to $1,800, and a 3 BR/2 BA in Wilsonville rose by $18 to $868. The overall average to rent an apartment in Vancouver was $679, the lowest of all submarkets. More >