Pathfinder Expands Portland-Area Footprint with Sixth Acquisition – Multi

The Habitat in Portland, Ore.

The Habitat in Portland, Ore.

Pathfinder Partners acquired The Habitat, an 85-unit, 11-building community in Portland, Ore., for $15 million. According to Yardi Matrix data, Fowler Property Acquisitions sold the property. Cody Hagerman and Greg Fink of Portland-based HFO Investment Real Estate brokered the deal. 

Located at 5745 S.W. Oleson Road, The Habitat is part of the Raleigh Hills neighborhood. The property is conveniently located a few miles from downtown Portland and in close proximity to Beaverton, Ore., and Hillsboro, Ore., which are home to major employers such as Intel, Nike and Columbia Sportswear. The multifamily asset sits on 4.8 acres and encompasses 19 duplex-style cottages and 66 garden-style apartments, averaging 789 square feet each. Amenities include:

  • Swimming pool
  • Fitness center
  • Laundry room
  • Private pond
  • Clubhouse
  • 160 parking spaces  

Renovation plans

The new owner of the property, which was built in 1978, intends to upgrade it.

... read more at: https://www.multihousingnews.com/post/pathfinder-expands-portland-area-footprint-with-sixth-acquisition/

CBRE Brokers Sale of $56M Portland Community – Multi

Witham Hill Oaks Apartments

Witham Hill Oaks Apartments

After CBRE Affordable Housing brokered the sale of a 43-property, 4,153-unit affordable housing portfolio, CBRE’s Capital Markets group secured the sale of Witham Hill Oaks Apartments, a 420-unit community located in Eugene, Ore., on behalf of the seller, Witham Hill Oaks Apartments LLC. Verdant Development bought the asset for $56 million.

Located at 4275 NW Clubhouse Place, on approximately 24 acres, the community is ideally situated fewer than two miles from the Oregon State University campus and near major employers such as Hewlett-Packard and Good Samaritan Regional Medical Center. The 200,000-square-foot Timberhill Shopping Center anchored by Winco Foods, Ross and Petco is also nearby.

Long-term owner

The 50 one- and two-story buildings consist of one-, two- and three-bedroom units ranging in size from 405 to 998 square feet. Witham Hill Oaks was built in three phases. The first 220 units were

... read more at: https://www.multihousingnews.com/post/cbre-brokers-sale-of-56m-portland-community/

Residents return to building after Portland Street fire – Eagle

HAVERHILL — All but one of the residents who were displaced after a fire broke out in a 17-unit apartment building at 25 Portland St. early Tuesday evening have returned to their homes.

Building manager James Goudreault said that at around noon Wednesday, city inspectors told him he could begin moving residents back into the building. The exception was a man who lives in the third-floor rear apartment, where an apparent kitchen fire broke out, forcing evacuation of the entire building.

“He’s an older man, a veteran, and I’m hoping he’ll be getting help in finding another apartment,” Goudreault said. “It will probably be a few months before he can move back in.”

The building was the scene of the deadly shooting of Joseph Smith, 33, on Feb. 9. The suspected shooter, Sean LaRose, 34, of Haverhill, was arrested and later indicted on murder and other charges. He is scheduled for a status hearing Aug. 23 in

... read more at: http://www.eagletribune.com/news/haverhill/residents-return-to-building-after-portland-street-fire/article_f17e8afd-44bf-56ee-b5ee-c78003c0d9cc.html

JLL Income Property Trust Acquires Premier Portland Apartments

CHICAGO, July 20, 2017 /PRNewswire/ — JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), today announced the acquisition of Jory Trail at the Grove, a premier 324-unit apartment complex that is 95% leased. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. The purchase price was approximately $75 million.

... read more at: http://www.prnewswire.com/news-releases/jll-income-property-trust-acquires-premier-portland-apartments-300491162.html

Why Hasn’t Southwest 3rd Avenue and Oak Street Been Developed Yet?

About Marty Smith

Marty Smith is the brains (or lack thereof) behind Dr. Know and skirts the fine line between “cultural commentator” and “bum” on a daily basis. He may not have lived in Portland his whole life, but he’s lived in Portland your whole life, so don’t get lippy. Send your questions to dr.know@wweek.com.

... read more at: http://www.wweek.com/news/2017/08/02/why-hasnt-southwest-3rd-avenue-and-oak-street-been-developed-yet/

UPDATE: Independent senior facility Camden Hills Villa auction is canceled

CAMDEN — Camden Villa owner Joe Goudreau said Wednesday afternoon, Aug. 9, that his business, the Camden Hills Villa, Inc., an independent senior facility in downtown Camden, would not be auctioned off. Keenan Auction Company, of South Portland, said in an email: “Real Estate Foreclosure Auction 17-157, the 25-Unit Independent Living Facility and Commercial Waterfront Lot, located at 51 Mechanic Street and 4 Knowlton Street, Camden, Maine has been CANCELLED and will not be taking place on 8/16/17.”

“I was able to work something out with the lender,” said Goudreau. “And, it’s business as usual.”

Goudreau said he “worked it out with Camden National Bank” and that he maintains ownership of the deed to the Villa. 

Goudreau also owns the nearby Knox Mill, also on Mechanic Street, and which he has converted to apartments.

“That one is going smoothly,” he said.

“My residents and my employees have been amazing and I thank them for their patience and belief

... read more at: http://www.penbaypilot.com/article/update-independent-senior-facility-camden-hills-villa-auction-canceled/88791?source=mp

Empty nesters, Millennials shelling out to live in new Phoenix-area condos

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Lisa and Gregg Larson talk about their reasons for moving from Scottsdale to Enclave at Borgata, new luxury condos in Paradise Valley.

When plans to turn the Borgata, a once-posh Scottsdale shopping center,

... read more at: http://www.azcentral.com/story/money/real-estate/catherine-reagor/2017/06/02/new-condos-metro-phoenix-drawing-buyers-millennials-empty-nesters/336480001/

Portland’s housing crisis is something that can be turned around

Portland is facing a housing crisis. A 2015 report commissioned by the city and carried out by the Greater Portland Council of Governments indicated that middle-class families are being priced out of the city. This same report says that by 2025, Portland will face at least a 28 percent gap between the demand for and supply of workforce housing: housing that is affordable to someone making the median income for a particular area.

Maine Housing’s 2016 Housing Facts and Affordability Index for Cumberland County lists the median home price for the city of Portland as $262,000. According to housing affordability guidelines, being able to comfortably buy a house in that range requires an annual income of $80,110 – nearly twice the median Portland income of $43,839.

ABOUT THE AUTHOR

Joie Grandbois is a sustainability advocate and a 22-year resident of Portland.

The home price that an individual earning

... read more at: http://www.pressherald.com/2017/07/21/maine-voices-portlands-housing-crisis-is-something-that-can-be-turned-around/

Billionaires’ Row: Can Manhattan be rescued from real estate speculators?

Billionaires Row: Can Manhattan be rescued from real estate speculators?

It’s no secret that Midtown Manhattan, despite being one of the most sought-after places to live in the United States, if not the world, is home to an abundance of vacant apartments.

Last year, Patrick Radden Keefe, staff writer for The New Yorker, cited U.S. Census Bureau statistics showing that one third of the apartments in the corridor bounded by Fifth Ave., Park Ave., 49th St., and 70th St. stand empty for at least 10 months of the year.

The proliferation of luxurious but empty New York City apartments is a symptom of the internationalization of capital and the growth of a super-rich global elite, which The New York Times helped identify in a 2015 investigation into the owners of luxury condominiums at the Time Warner Center at Columbus Circle.

The Times discovered that many of the condominiums’

... read more at: http://www.peoplesworld.org/article/billionaires-row-can-manhattan-be-rescued-from-real-estate-speculators/