Portland, Ore.—MG Properties Group has acquired the Russellville Commons Apartments in Portland, Ore., for $57.8 million. The San Diego-based MG Properties bought the 283-unit property from the Reliant Group, a San Francisco-based holding company.
Located in Portland’s Gateway District and built in 1999, Russell Commons’ units average 875 square feet and include both townhome- and flat-configuration floor plans. Common amenities include a resort-style pool and spa, modern fitness center with a yoga room, and a resident lounge and business center.
Portland has a tight apartment market. According to Kidder Mathews’ 3Q 2015 report on the market (the most recent one available), the overall apartment vacancy rate in greater Portland was 3.1 percent, compared with 3.7 percent a year earlier.
The deal marks MG Properties’ first venture into Oregon. According to Mark Gleiberman, MG Properties group CEO, the acquisition represents an expansion
Bernie Sanders and Hillary Clinton have sparred on health care and higher education. Ted Cruz and Donald Trump have a lot to say about immigration and international terrorism.
But there’s one issue that U.S. Sens. Ron Wyden and Jeff Merkley think is lacking on the presidential campaign trail: housing.
“It should absolutely be getting more attention,” Merkley said Tuesday, after a Portland forum he organized on housing affordability. Since “a lot of the national conversation is about inequality,” he said, housing should be a natural component of the discussion.
Wyden said he has watched some of the presidential debates and believes housing has gotten “short shrift.” He and U.S. Rep. Earl Blumenauer, whose congressional district includes most of Portland, appeared alongside Merkley at the forum, held at the Gray’s Landing affordable housing development in the South Waterfront neighborhood.
But, Wyden added, the lack of emphasis on housing “is precisely what we’re going
ILWACO — Make plans to attend the event of the year, as the Rotary Club of SW Pacific County Peninsula presents “Oysters, Art Adventures.”
Sample fresh oysters, champagne and a wonderfully upgraded menu that is sure to delight. Bid on exciting adventure packages, including a suite at Safeco Field for the Ken Griffey retirement ceremony during the Mariners vs. Angels game, a one-week stay in a beautiful condo in Lake Tahoe or Daytona Beach, Florida, an hour-long scenic plane ride, a two-night stay at the Ashore Hotel in Seaside, two tickets to a Portland Trailblazers game, a group tour of the Fort George, Buoy, Astoria and North Jetty breweries, lunch and a hike on Long Island, tickets to a Judy Collins concert at the Liberty Theatre and much more. In addition to the live and silent auctions,
Until a couple of months ago, the residents of Vancouver’s Alexander Row didn’t know much about the wildly popular short-term rental service Airbnb.
“I thought Airbnb was more like a home-exchange type of thing, where people from other countries come … and you exchange homes,” said Charlene Brooks, who owns one of six row houses in the small Gastown development.
But she learned exactly how Airbnb works when her husband received a note from someone interested in buying a neighbour’s home. The potential buyer wanted assurances from the other owners that they’d be fine with him listing the suite on Airbnb, something he’d done a whopping 65 times over an 18-month period in his current condo.
“That’s when we realized that this was something that we didn’t want,” Brooks said, explaining that the idea of allowing a revolving door of strangers into the building made her nervous.
Portland, Ore.—HFF announced closing the sale of the Spyglass Hill garden-style community in Beaverton, Ore., for $25.35 million. The property was 97.9 percent occupied at the time of the transaction.
HFF marketed the property exclusively on behalf of Hamilton Zanze of San Francisco. The HFF investment sales team was led by Managing Director Ira Virden. Pacific Urban Residential acquired the asset free and clear of existing debt.
“The partnership executed on our business plan for this property and felt that this was an opportune moment to recycle the capital and move on,” said Kurt Houtkooper, chief investment officer at Hamilton Zanze.
Spyglass Hill is located at 14305 SW. Sexton Mountain Drive, near Route 217, Highway 26 and Interstate 5. Downtown Portland is approximately 11 miles northeast of the property, while
BOSTON — Evan Wondolowski was ready to buy his first home more than a year ago. He offered 5 percent over the listing price of a small two-bedroom condominium in Jamaica Plain and started planning where the furniture would go in his new place.
Then he heard from his real estate agent: 18 other offers had been made, and his wasn’t even in the top three. The 700-square-foot condo ultimately sold for just under $400,000, 11 percent over the asking price.
The big story in Sarasota real estate at the moment is all the new homes being built in old neighborhoods. Particularly in the West of Trail area, infill houses are replacing those 60 and 70 year cottages and bungalows that time has rendered obsolete—unless you do a major renovation and double their size.
Most of the new homes are placed randomly among the older ones. But there are a few mini-developments, and the most notable is Granada Park. It’s tucked away on a four acre plus piece of land near the corner of Bay Street and Osprey Avenue. It’s a great location—you can ride your bike to both Siesta Key and Southside Village, and the surrounding neighborhood—Granada—is famously charming, with mid-sized older homes in all styles.