The Portland Housing Bureau acquired The Ellington, a 263-unit apartment community in Portland for $47M, using funds from bond measure 26-179 with city council approval. The property is on 11 acres at 1610 NE 66th Ave. in the Madison South neighborhood, adjacent to the historic Rose City Golf Course. Guardian Real Estate Services and its capital partner, Broadreach Capital Partners, sold the property.
The city is planning to convert the property into affordable housing, with its units reserved for families earning no more than 60% of area median income, with a third of them for families earning no more than 30% of AMI. HFF managing director Ira Virden and director Carrie Kahn marketed the asset on behalf of the seller.
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