Portlands Superhot Apartment Market Attracts A Bigdeal Developer

Dated: May 8 2014

Views: 286

The continuing strength of Portland’s apartment market has attracted a national development firm.Fore Property Company, based in Washington, D.C., with West Coast operations based in Las Vegas, is constructing a 244-unit apartment complex north of Portland’s Pearl District at the Riverscape district near the Willamette River.The market-rate apartment project, 2130 N.W. Front Ave., will be ready for renters in 2015. It is under construction near Pacifica, a 75-unit condominium tower north of the Fremont Bridge.Lee Novak, vice president of development, said the Riverscape project is the first of several planned in Portland and the Northwest. The region’s strong market, evidenced by low vacancy rates and rising rents, makes it a natural target for development.The Portland-area vacancy rate was 3.5 percent in the most recent spring survey of area managers for Multifamily NW, an industry organization. That’s the lowest level recorded in the spring since 2008.Fore has additional sites along the river under contract, including one immediately to the north of Riverscape and another in the Johns Landing neighborhood south of downtown. The second Riverscape project will offer 270 apartments in two six-story buildings and will be the subject of a design commission hearing June 5 at 1:30 p.m.Its initial Riverscape project is a traditional five-over-one building with a small amount of commercial space and roughly one parking spot per unit.Fore serves as both general contractor for its projects and property manager. Novak said the company is a merchant builder that typically sells its projects once they are completed and leased. m
Source:
Blog author image

Mark Ross

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....

Latest Blog Posts

6 Home Upgrades Buyers Want In The COVID19 Era

If you imagined 2020 was the year you would finally list your house for sale, you may have hit the brakes on those plans when the coronavirus pandemic arrived.But now, we’re more than six months

Read More

Builder Confidence Breaks Previous 35 Year Record High

The National Association of Home Builders and Wells Fargo Housing Market Index rose two points to 85 in October – the highest score the series has ever recorded since its inception 35 years ago

Read More

7 Simple Renovations To Coronavirus Proof Your Home

As much as we all wish we could go back to a time when social distancing was a foreign concept and masks were just something you wore with a Halloween costume, it’s clear by now that COVID-19’

Read More

The Forbearance Crash Bros Spoke Too Soon

The health and economic crisis has made 2020 a horrific year for many Americans. Added to all that misery we had terrible fires in the West and hurricanes in the East.  From my perspective,

Read More