Greystar Breaks Ground on First-Ever Portland Project
The multifamily giant is building its first ground-up development, a 182-unit rental community in the Goose Hollow neighborhood of the city.
Rendering of Greystar’s yet to be named Portland development. Image courtesy of Greystar
Greystar announced it has broken ground on its first-ever residential development in Portland, Ore., marking the next step in the firm’s expansion across the Pacific Northwest. The soon to be named 182-unit community will rise in the Goose Hollow neighborhood.
Located at the corner of SW 18th Avenue and SW Salmon Street, the eight-story community is being designed by SERA Architects to reflect sustainability, with inspiration from New York City’s Flatiron building. Expected to open in 2021, the property will offer both market-rate and affordable rental units as well as 8,000 square feet of retail space.
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The transit-oriented development is located near light rail transit stops including Kings Hill Station, which offers direct access to the downtown area, as well as multiple bus stops and Interstate 405. The community is also located near the Multnomah Athletic Club, Lincoln High and Providence Park, which is home to two professional soccer teams: the Portland Timbers of Major League Soccer and the Portland Thorns of the National Women’s Soccer League.
Continued demand
Portland’s multifamily market has slowed a bit in terms of rent growth, after hitting a high in 2016 in terms of sales volume and the number of properties sold, according to a recent Yardi Matrix report. Only $143 million in multifamily properties have traded so far as of May this year, but nearly 7,000 multifamily units are slated to be completed in 2019, as demand for workforce housing and Portland’s stable economy continue to attract renters.
Last week, Wood Partners broke ground on a luxury high-rise in the Goose Hollow neighborhood. The 314-unit community, dubbed Alta Art Tower, will offer a slew of luxury amenities and finishes, as well as 4,000 square feet of ground-floor retail space.
