Tuesday, June 18, 2019
A final adopted version will be available relatively soon after tomorrow's meeting.
The asset was taken to market after completion and management companies were switched during lease-up, which resulted in limited historical operations and a longer timeline to full occupancy.
HFO successfully found a buyer seeking new product that was able to offset the impact of the property's limited financials.
Monday, June 17, 2019
This week: The Portland City Council appears poised to adopt a proposed renter screening ordinance that some argue will only serve to increase homelessness; Oregon House Bill 2001 moved forward in the state legislature, the bill would legalize duplexes, triplexes, and fourplexes in single-family neighborhoods in all cities with more than 25,000 residents; and a new report finds that tech workers from some of the most expensive cities on the West Coast are viewing Portland as a more affordable alternative.
For decades, many landlords and banks have held firm to the standard that a person should not rent a unit or buy a home that is more than 30% of gross income. The new standard set by Portland would be 50% of gross income. For people living paycheck to paycheck, any bump in the road in terms of a medical emergency, job loss or other emergency situation could lead to there not being enough savings to avoid eviction. Evictions follow a renter around for three years, which will make re-renting even more difficult for someone in that situation.
Read the op-ed piece here.
Thursday, June 13, 2019
Wednesday, June 12, 2019
“The metro added 27,500 positions in 2018, a 2.4% year-over-year employment growth rate. The construction boom taking place in the metro is supported by the office sector, which has more than 2.4 million square feet of space under construction,” the Yardi Matrix report says.
“With more than 9,320 units underway and some 6,900 units expected to be delivered this year, there are major concerns about oversupply, but a strong occupancy rate is indicating that there is a rapid absorption of new deliveries and demand for housing outpaces supply. The high occupancy rate and steady rent growth are drawing investors to the metro.
“With demand high, we expect rents to rise 1.9% in 2019,” the report says.
Tuesday, June 11, 2019
This apartment building was owner-managed and rents were significantly below market. Utilizing our extensive network of investor relationships, HFO secured a buyer with the wherewithal to close on this unique property.