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Apartment boom

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Articles - February 2014
Tuesday, January 21, 2014
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The building boom — outside Portland

It’s not just in Portland that market demand and urban lifestyles are spurring new multi-family development.

The continued expansion of Intel and Nike is also triggering community transformation in suburbia. Vancouver developer Holland Partners has built close to 600 units in Wilsonville in the past few years alone and aims to complete 177 of 304 apartments at Tessara at Orenco Station in February. It’s also got hundreds of units planned for the $120 million Platform District, an urban district in Hillsboro centered around a public plaza, ground floor retail and a light rail stop.

“What we’re trying to do is build an urban node in a suburban location,” says Gary Vance, development director for Holland.

Market conditions have improved enough to fuel robust multifamily construction in other Oregon cities. In Bend, where residential construction dried up during the recession, Lake Oswego businessman Mike Kelley is building Sage Springs, a $10.2 million, 11-building complex of 104 units, and investor Craig Studwell has proposed a 144-unit project in southeast Bend. Vancouver’s Hoviss Development Group has also proposed a Bend development called Aspen Heights to include 473 upscale residential apartments.

Hoviss and Portland developer BPM Real Estate Group are behind a massive, $70 million building project in Eugene known as the Riverwalk Apartments. The 466-unit development, currently under construction, will include an assisted living center and an array of retail offerings.



 

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