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