Why In-Migration Will Sustain Portland's Future Apartments
Apartment development in Portland's a long-term play, because the city's got a long-term future as an attractor of talent, Cushman & Wakefield senior director Gary Griff tells us.
“For the second year in a row, Oregon ranks No. 1 nationally in the number of in-migration moves to a new state," he says. "Also, job growth in Portland is considerably higher than the national average. Both of these factors bode well for continued growth in demand for rental housing in our city.”
Recently Gary, along with colleagues Jim Lewis and Paul Carlson, repped the seller of a 0.7-acre site in the Pearl District, Diller Properties. Apartment specialist Alliance Residential paid $5.8M for the 1400 NW Raleigh site, and has already broken ground on a 147-unit, six-story, market-rate apartment building known as Broadstone Reveal on the site.
“The site presented a great development opportunity within a transforming neighborhood that's easily accessible throughout the region,” Gary says. "With a need for housing, the community should benefit from Alliance’s new planned use for the property."
1400 NW Raleigh is at the junction of I-405 and State Route 30, on the southwest end of the Fremont Bridge. The project will also feature ground-floor retail.