Trailblazing: Springwater Court, Portland, OR
Unique, Detached Townhome Project in Thriving Market
These days, new construction in Portland is an art – literally. The city’s Percent-for-Art ordinance, launched in the early 2000s, requires 2% of most publicly-funded capital construction project budgets to be set aside to create and maintain public art. Since its inception, hundreds of works of art have been added to the region’s collection along with a myriad of temporary installations. The result? A thriving art scene and a city buzzing with eclectic residents.
We like Portland’s progressive approach to growth and development, its booming economy, growing population and educated workforce, and have made a number of investments in the area in the past few years. In 2013, we came across a property we immediately recognized as a rare jewel for the submarket, a lender-owned, newly constructed, detached townhome project in southeast Portland. Springwater Court – comprised of 32 three and four-bedroom units averaging 1,435 square feet – is a unique product type in a suburban area with a deficit of large, multi-bedroom apartment units. Recognizing the opportunity, we acquired Springwater Court in August 2013 from the bank.
Springwater had good “bones,” but like many lender-owned projects, had been neglected during the foreclosure process. Following our acquisition, we transitioned to a local, best-in-class property manager and made several capital improvements, including upgrading landscaping, a new irrigation system, fresh exterior paint, balcony screens and a new trash enclosure. The majority of our tenants are local, multi-generational families who appreciate the large units and multiple bedrooms. Because of this, we have seen very little turnover in residents over the past 24 months. We plan to list Springwater Court for sale later this month. (Let us know if you would like additional information on the listing.)