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North Portland Affordable Housing Complex Sold To California Investors
Dated: September 22 2015
The subsidiary of a California affordable housing investor with more than $6.7 billion in assets and 1,200 properties across the country has picked up a 68-unit affordable housing community in North Portland.
Community Preservation Partners LLC, a subsidiary of Irvine, California-based WNC, has entered into an agreement to purchase Plaza Townhomes. The complex, built in 1974 and located at 5802 N. Michigan Ave., includes 68 two- and three-bedroom units ranging in size from 725 to 825 square feet.
Community Preservation Partners plans more than $3 million in upgrades to the complex, including renovations to unit interiors, common areas and maintenance areas.
“Community Preservation Partners is committed to preserving the stock of affordable housing in the U.S., which continues to fall far short of growing demand,” said Anand Kannan, president of Community Preservation Partners in a release. “We are thrilled to expand our reach to Portland, Oregon, with this acquisition as we seek to expand our preservation efforts throughout the nation.”
Community Preservation Partners is acquiring the property from Home Forward, a housing assistance organization that serves the city of Portland and other nearby communities. A sale price was not immediately disclosed. The last sale on record happened in 1997, when the complex sold for nearly $1.4 million. City records listed the 2014 market value at $4.5 million.
“This is the best outcome possible for residents, the Plaza and the community,” said Michael Buonocore, Home Forward’s executive director. “WNC is a highly reputable and responsible affordable housing owner. They will preserve the Plaza’s deep affordability while making significant physical improvements and continuing support programs for residents. At the same time, we will use the sale proceeds to add new affordable housing and address unmet capital needs that threaten the future of our existing affordable housing.”
According to the release, the Plaza Townhomes community is available to families earning no more than 50 percent of the area’s median income level, and those that meet requirements of the Section 8 program. Current residents will not have to move as a result of the ownership change.
Home Forward is also involved in another housing project in Portland, a 12-story high-rise in the Pearl District that will include several floors of "workforce" housing, another form of income-restricted living.
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 30 years in the industry, Mark has gained experience in ....
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