Why The Yellow Max Line Drives Multifamily Development
Transit-oriented development's got an edge in Portland multifamily development, which only stands to reason in a metro area where about 12% of the workforce uses some kind of public transit to get to work.
Summerfield Commercial Real Estate Services' Robert Parmar recently worked with Fairfield Residential in its acquisition of the Savona development site at 6049 North Interstate Ave, which is zoned for 180 multifamily units and happens to be on TriMet’s Yellow Max Line. He says the buyer was attracted to the one-acre location, formally known as Interstate Lanes, due to the opportunity to provide housing in proximity to public transportation, he says.
Robert adds that the proximity to rapid transit and the supportive attitude of Portland planning will continue to encourage multifamily development along Interstate Avenue. "A number of other projects are in the works there," he says. Robert leads the Summerfield multifamily team, HQ'd in Bellevue, WA, with an office in Portland. Other members of the team are Greg Wendelken and Ryan Kidwell.
