Mill Creek Begins Construction on Portland Luxury Apartments

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Mill Creek Residential has begun construction of Modera Raleigh Hills, a two-building, 270-unit luxury apartment community located at 4822 SW Western Ave. in Beaverton, Ore. The property is expected to be move-in ready in summer 2024.

The groundbreaking of Modera Raleigh Hills is the latest in Mill Creek’s Modera line of luxury apartment developments. The announcement follows its recent groundbreaking of Modera Kierland, a mixed-use 438-unit community in Phoenix, as well as its recent opening of Modera New Rochelle, a 334-unit sustainable development in New Rochelle, N.Y.

Modera Raleigh Hills will offer a mix of studio, one- and two-bedroom units, averaging 806 square feet. The development is being built with a work-from-home philosophy in mind, offering large, open floor plans, in addition to coworking and conference spaces. Additionally, the apartments will offer in-unit laundry machines, stainless steel appliances, quartz countertops, roller shades and blinds, vinyl plank flooring, private balconies and walk-in closets. Residents will have access to a fitness center, a swimming pool with a spa, a clubroom, a media room and EV charging stations.

Situated in Beaverton’s Raleigh West neighborhood, the community is in close proximity to some of the area’s largest employers; it is within 5 miles of the Nike and Tektronix headquarters and within 10 miles of the Intel Campus in Hillsboro. The community’s placement 2 miles south of the South Sunset Highway and within walking distance of the local Portland MAX public transportation node gives residents quick access to downtown Portland, which is less than 6 miles away.

Portland slowly recovers

Despite a slow recovery from pandemic-era restrictions and cutbacks, as well as demographic decline, there is a high degree of confidence in Portland’s multifamily sector. The city’s occupancy rate sits at 96 percent as of March and has 38,500 units in the planning and permitting stages, according to data from a June 2022 Yardi Matrix report. Portland has seen $247 million in sales through April, following $2.6 billion in total investments in 2021, the report shows.