Last Year’s Largest Apartment Projects Delivered in Portland
- May 19, 2016
By Balazs Szekely, Contributing Editor
Portland, Ore.—It’s a landlord’s market in Portland with demand for apartments driving rents up over the last few years. The demand for luxurious Portland apartments with all modern conveniences is growing, leading the owners of existing buildings to refurbish older buildings while new luxury apartment complexes spring up continuously.
Low vacancy make Portland a big favorite with developers, as opposed to tenants who face rising rents and intense competition for available apartments. New developments completed since 2010 primarily target the upmarket tenant, with average rents for these developments standing at $1,707 compared to the overall $1,394 average for Portland apartments according to data from Yardi Matrix. 2015 saw the completion of several striking apartment projects, and a look at the top 5 reveals the latest upmarket apartment trends:
1. Hassalo on Eighth – Aster Tower, 337 units
The ultra-modern, 21-story building housing 337 rental apartments was developed by American Assets Trust, Inc. Studio apartments and one-bedroom units dominate the building while management policies reflect the demand for smoke-free communities and pet-friendly apartments. In addition, there is a strong focus on environment-friendliness with composting service, energy-efficient appliances and eco-friendly construction materials. Amenities include a rooftop garden and a fitness center as well as a community lounge with Wi-Fi that can double as a business center. (Image courtesy of Google Maps)
2. Block 17, 281 units
As its name suggests, Block 17 is a high-rise development with 281 rental units consisting primarily of one-bedroom units. Developers Wood Partners have taken advantage of the location to make maximum use of views of the Fremont Bridge and Centennial Mills. Catering for a young market, the development features a rooftop cub house, fire pit and grilling area as well as a communal games room. The open plan apartments are fitted with stainless steel and slate-finish appliances, and the internet connection is billed as ‘industrial strength’. (Image courtesy of Block 17 Website)
3. Waterline, 243 units
An artsy development from Greystar, the Waterline offers 243 apartments with a focus on one-bedroom apartments and a scattering of studios and two-bed units. Boasting striking views from the rooftop terrace and ‘sky lounge’, the building features a fitness center and caters for pet owners—a growing trend in the rental apartment sector. High-end interior finishes include quartz countertops and European style cabinetry, while the inner courtyard displays sculptures by local artists. (Image courtesy of Waterline Website)
4. Grant Park Village, 211 units
Capstone Partners built this 211-unit development near the Hollywood Transit Station and Highway 84. The living units consist mainly of one- and two-bedroom apartments with attractive wood-finish floors. The residents’ lounge with its cozy fireplace and gourmet kitchen allows residents to enjoy an in-house social life—and it’s equipped with a ‘kegerator’ for cold beer on tap. Fitness is important to the modern apartment dweller, and the complex offers both a gym and a bike-care center. (Image courtesy of Grant Park Village Website)
5. Hassalo on Eighth – Velomor, 177 units
Glimpsed from the street, the large windows of this 177-unit apartment building by American Assets Trust, Inc. already hint at what the interior holds. The upmarket, modern apartments reflect the trend towards airy indoor spaces with plenty of natural light, and design that creates an impression of spacious luxury. But the most important trend reflected here is green building certification and energy efficiency – an increasingly important consideration for upmarket consumers. (Image courtesy of Google Maps)
For more of 2015’s largest apartment projects in Portland, check out the complete list on the RENTCafé Blog.