Photo Credit: LUXE Christie’s International
The luxury multi-family housing market is booming in Portland, Oregon. The region’s stable economy driven by its diverse business climate plus current low-interest rates have given investors reason to take notice of the stylish, modern developments that are popping up around the area.
Known for its outstanding arts and cultural offerings, beautiful parks, efficient mass transit, and bike- and pedestrian-friendly streets, Portland has become a hub for those interested in experiencing the quintessential Pacific Northwest lifestyle. Industry giants like Nike, Adidas, Oregon Health & Science University, and Intel as well as the thriving entrepreneurial community are attracting new residents to the region in droves.
“We’re seeing people move to Portland just to see what it’s all about,” says Vince Cortese, Principal Broker and VP of Commercial & Land Acquisition at LUXE Christie’s International Real Estate. “Many of the units in the new multi-family developments are trending smaller than traditional apartments. Micro-apartments, in the 200-300 sq. ft. range, and one- and two-bedroom units with 500-800 sq. ft. may have less square footage, but they are big in design, style, and functionality.”
Photo Credit: LUXE Christie’s International
Floor-to-ceiling windows, hardwood floors and kitchens with granite and high-end stainless steel appliances are standard in many of these luxury, eco-friendly buildings. Amenities often include stylish media rooms and lobbies for social gatherings, gyms, rooftop decks, and bike storage. As many residents are looking for an authentic urban living environment, location is key. Luxury apartments in Portland are located near mass transit and bike paths - and are often within walking distance of major business, restaurant, entertainment, and shopping districts.
“Not only is Portland a hot area right now for people looking to relocate, but it’s also hot for investors too,” explains Cortese. “Interest rates are so low that it makes sense for investors to look at Portland’s multi-family developments when seeking new assets for their portfolios. The need for more apartments in Portland, especially the high-end units that renters desire, has given developers and investors a real opportunity in the city.”
“Properties like the Milano, which is a stylish collection of 60 units near the Portland Convention Center, or the Montessa, with 49 units in Portland’s trendy Slabtown neighborhood, have upped the game for developers. These premier properties are exactly the type of apartment residences Portlanders are looking for - making them ideal for investors.”
Photo Credit: LUXE Christie’s International
