Thursday, February 15, 2018

Sold! 34 Vintage Units in Downtown Portland

This vintage property in downtown Portland was owned and operated by a student housing provider. The mechanical systems have been updated over the last 20 years. The challenge was finding a buyer who understood seismic updates and financing hurdles. With HFO’s extensive understanding of the market, we easily identified a nonprofit buyer with the ability to get funding and close the transaction.

Monday, February 12, 2018

Multifamily Marketwatch Podcast - February 12, 2018

This week: Jobs are up in Oregon and employment gains are expected across all industries in 2018; more than 3,500 people responded to the City of Portland's call for comments on the Residential Infill Project; Metro is planning for two upcoming bond measures for affordable housing and transportation projects.



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Bureau of Planning and Sustainability: Development Pipeline Represents Just 18-24 Months of Potential Activity

Tyler Bump, Senior Economic Planner at Portland's Bureau of Planning and Sustainability, issued a memo on Friday summarizing  a twelve-month review of Portland's Inclusionary Housing requirements. According to the memo, there are only 10,000 units across 81 projects remaining in the development pipeline, with half of those currently under review or approved. The current development pipeline represents only 18-24 months of potential projects, and between February 2017 and February 2018, only 17 projects subject to IH requirements have been submitted. Only 12 of these were privately financed. The memo also summarized feedback from focus groups and interviews with development professionals, many of whom cited uncertainty and lack of available financing as major roadblocks resulting from the IH requirements. Read more.

Wednesday, February 7, 2018

Surprised? Portland's Traffic Ranked Nation's 12th Worst

Surprise! Portland's traffic ranks 12th worst in the nation, according to a study by a data firm called Inrix. The company's most recent study found Portland drivers spend 50 hours in rush-hour crawl on average each year. Read more.

Portland Mayor Wheeler Supports Strengthening the City's Relocation Fee Ordinance

The Portland City Council plans to vote on whether to make the city's relocation fee ordinance permanent next month, and Commissioner Chloe Eudaly has been advocating for the removal of the exemption for landlords who own only one rental unit. A recently released study concluded there could be approximately 24,000 units in the city that fall under this exemption, adding some fuel to the debate. Previously, Wheeler had previously said he needed more data before deciding whether to eliminate the loophole, but his spokesman Michael Cox told the Willamette Week on Tuesday that the Mayor now supports keeping the loophole in place only for owners of granny flats and owner-occupied duplexes. Along with the mayor and Commissioner Eudaly, Commissioner Fritz has also come out in favor of requiring relocation fees for all landlords. Read more.

Monday, February 5, 2018

Portland's Renter Confidence Survey: A's for Recreation and Transit; Low Marks for Commute and Affordability

Probably no surprises in the annual Portland Renter Confidence Survey conducted by Apartmentlist. Those surveyed gave Portland a B-grade overall. Read more.

Multifamily Marketwatch Podcast - February 5, 2018

This week: Portland mayor Ted Wheeler will introduce incentives next month in an attempt to offset the stagnant response to Portland's year-old inclusionary zoning requirement; Oregon companies go on a hiring spree; and apartment rents increased again last year with west coast cites leading the pack.



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Thursday, February 1, 2018

Mayor Wheeler Weighing Additional Incentives to Encourage Multifamily Development

Building permit applications have fallen off a cliff since inclusionary zoning requirements went into effect in February 2017. Now, the Portland Mercury reports that Mayor Ted Wheeler is planning to introduce an ordinance in March that would offer additional incentives to developers to encourage more building, particularly in the center city. Only 12 buildings subject to inclusionary zoning are currently being planned in the city, and none of those are west of the Willamette River. Commissioner Nick Fish argues that it is too soon to say whether the slowdown in permitting activity is due to inclusionary zoning, as other factors may be impacting Portland's development market, but professionals involved in development such as Kurt Schultz of SERA Architects argue that the sudden drop off in activity is highly unusual. Wheeler has indicated that his incentive proposal could include height and density increases as well as tax breaks, but the details of the plan have not yet been released. Read more.