Apartment Parking Issue Back at City Hall

The issue of landlord-provided parking at newer apartment buildings will return to city hall next month.

The Portland City Council will hold a public hearing April 4th at 2pm on changes to city code that would require a minimum of one parking space for every four units for all new buildings over 40 units.  

This issue has been the topic of numerous hearings and most recently resulted in revocation of a permit for apartments already under construction in Portland on SE Division. Click here to read more in today's Portland Business Journal.  

Click here to read more of HFO's compilation of stories on apartment parking.

Click here to see HFO's current listings.

HFO Recognized by CoStar for "Superior Deal-Making Abilities"

HFO Investment Real Estate (HFO) is pleased to announce that CoStar Group has selected HFO as a CoStar Power Broker Award winner for the seventh time in eight years. HFO was named as having three of the market’s top 10 sales brokers -- the most of any Portland-area commercial real estate firms.

CoStar’s Power Broker is an annual award recognizing the "best of the best" in commercial real estate brokerage by spotlighting the U.S. firms and individual brokers who closed the highest transaction volume in commercial property sales or leases for the entire year in 2012.

HFO qualified as one of the top brokerage firms in Portland based on its total sale transactions closed during the year.  In order to be selected for this honor, HFO was measured against commercial real estate brokerage firms active in its region by CoStar Group, the largest, independent research organization in commercial real estate, and subsequently ranked among the top 10 firms in the market.

According to HFO partner Greg Frick: “We’re delighted to once again be recognized again as a leader in the commercial real estate industry. Our strength is our exclusive focus on the apartment marketplace. Our focus on building long-term relationships with our clients makes each of our transactions significant.”

“CoStar is proud to honor the firms and brokers who perform at the industry’s highest level each year,” said CoStar Group CEO Andrew C. Florance. “These industry leaders deserve to be recognized for their hard work, expertise and superior deal-making abilities. We extend our congratulations to HFO on this achievement.”

The complete list of 2012 CoStar Power Broker Awards winners can be found at www.CoStarPowerBrokers.com.

About HFO Investment Real Estate

HFO is an investment brokerage firm with a focus exclusively on apartment properties in Oregon and Washington.  HFO provides a national and regional selling platform with a unique knowledge of the local market. HFO Investment Real Estate: All Apartments – All the Time. Learn more at http://www.hfore.com.

About CoStar Group, Inc.

CoStar Group (NASDAQ: CSGP) is commercial real estate's leading provider of information, analytics and marketing services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 6.7 million registered members.

Market Update: Albany and Corvallis Apartment Markets

Demand for apartments has brought the developers back into the market. Albany and Corvallis have a number of new construction project either proposed or permitted for this coming year.
Albany has a vacancy factor under 5% and currently Corvallis is reporting “negative” vacancy with waiting list on many properties.

Albany Update

Albany currently has a 90-unit apartment complex permitted and ready for construction on 34^th and Hill. There is a proposed 120 unit development in North Albany at North Albany Rd. and Hwy 20, near the North Albany Village retail center. 

There were 5 apartment transactions in Albany in 2012.

1. 1440 Geary Circle SE, Latitude 44, year built 1982, 125 units, $6,300,000.00
2. 1938 Geary St SE, Wildflower Apartments, year built 2009, 44 units, $3,650,000.00
3. 750 Queens Ave SE, Holly Square Apartments, year built 1965, 43 units,$2,200,000.00 (sale still pending)
4. 1015 SW 5^th Ave, 18 units, year built 1971, $770,000.00 
5. 1958-1968 SE Marion St, 6 units, year built 1977, $350,000.00

Corvallis Update

Corvallis has continued to be a very tight market for sales of apartment properties. There is high demand for product with very few owners having the desire to sell. There were 2 apartment transactions in 2012.

1. 6300 SW Grand Oaks Dr, Grand Oaks Apartments, year built 2002, 125 units, $14,500,000.00
2. 755 NW 3^rd St, Whispering Pines, year built 1964, 24 units, $1,350,000.00

Due to increasing student enrollment, Corvallis has a consistently high demand for apartments.  Slightly less than 800 units are proposed or permitted for Corvallis. This speaks well of the ongoing demand for apartment housing close to campus.

The following is a list of Corvallis apartment projects for 2013:

• Timberhill Meadows- 135 units
• 7th St. Station- 82 units
• Walnut Creek- 80 units
• Franklin Place- 28 units
• Tyler Townhomes – 44 units
• Harrison Apartments – 70 units 
• Water Street – 27 units
• The Sather property – 330 proposed units.  This property was recently annexed. Preliminary plans have been provided and numerous meetings with the City of Corvallis have occurred but no permits have been submitted.

It appears 2012 ended on a strong note for the multifamily sector and 2013 is shaping up to be another strong year.

The above information was obtained from the City of Albany and the City of Corvallis planning departments, as well as other third-party sources that are deemed reliable. If you need additional information or have questions feel free to email me at anita@hfore.com or call my direct number in our Portland office, 971-717-6336. It would be my pleasure to answer any questions you might have.

HFO Investment Real Estate is an investment brokerage firm with a focus exclusively on apartment properties in Oregon and Washington and provides a national selling platform with a unique insider’s knowledge of these local apartment markets. This complete attention on apartment investments enables HFO’s clients to make better investment decisions.  HFO Investment Real Estate: All Apartments - All the Time(SM).  Learn more at www.hfore.comwww.hfore.com.

Portland Planning Commission Forwards Proposed Apartment Parking Rules to City Council for Approval

Portland's planning commission has new parking requirements for big apartment buildings to the City Council.

Current regulations allow apartments to be constructed without parking if they are near active public transit lines or in some commercial areas.

Those rules set off an uproar in many neighborhoods, and after revisiting the issue the planning commission proposed one parking space for every four units if the building has 40 units or more.  A month ago, the Oregonian published an editorial complaining that this new proposal didn't go far enough. 


In other apartment news, Daily Journal of Commerce reporter Lee Fehrenbacher quoted HFO partner Greg Frick in an article about the number of out of town apartment developers building in Portland:

Greg Frick, a partner at HFO Investment Real Estate, said the wave of out-of-towners coming to Portland isn’t huge, but it’s noticeable. It’s also indicative of another trend. Because Portland doesn’t have huge swaths of buildable land, many investors must lower their minimum criteria for projects. Frick said institutional investors may ordinarily stick to developments worth at least $20 million, but settle for $10 million deals here.

DJC subscribers can read this article titled "The out of towners: the new 'normal' for Portland development scene" by clicking here.

Sold! Riverwood Apartments - Grants Pass - $10.32M

HFO is pleased to announce it has brokered the sale of the Riverwood in Grants Pass.  This sale combined apartments, condos and a single family residence to form a $10,320,000 transaction involving 166 units.

 

See all of HFO's current listings.

MMHA becomes Multifamily NW, Sets Spring Apartment Report Release for April 17

HFO is pleased to be presenting sponsor of the Multifamily NW Apartment Report being released at a breakfast event on April 17th.  Multifaily NW was previously known as the Metro Multifamily Housing Association (MMHA). MMHA changed its name in January to "Multifamily NW." 

For tickets and information about the April 17 event, click here.

 

To see all of HFO's current listings, click here.