Riddle me this: How can home sales grow when we have no homes to buy?When a monthly home sales print fails to meet expectations the excuse often used is that inventory is too low to meet the demand.
Huge Institutional Investor Teams Up With Developer On Lake Oswego Wizer Block Project
The controversial Wizer Block project in downtown Lake Oswego got a big boost this week from a huge institutional investor that has partnered with local developer Patrick Kessi to make the project a reality.
According to the Lake Oswego Review, Multi-Employer Property Trust, a Washington, D.C. based real estate equity fund, has entered into a joint venture with Kessi's PHK Development Inc.
The joint venture will back the now-$103 million Wizer Block development, a three-building project that will bring more than 200 residential units and retail space to downtown Lake Oswego.
According to its web site, MEPT is an "open-end commingled real estate equity fund" that currently has more than $5.9 billion in net assets. Its portfolio includes 97 investments in 25 major U.S. markets ranging from office buildings and warehouses to apartments and retail centers.
Demolition of the former Wizer's grocery store building began in earnest late last month. Opponents of the project are still awaiting word on their appeal of the project from the Oregon Supreme Court.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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