Affordable Portland Asset Changes Hands

BRIDGE Housing acquired The Ramona, a 138-unit apartment building in the Pearl District of Portland, Ore. The fully affordable asset is LEED certified to the Gold level.

Nonprofit developer, owner and manager BRIDGE Housing purchased The Ramona, a 138-unit community in Portland, Ore. According to Yardi Matrix data, Turtle Island Development is the former owner of the property.

The Ramona in Portland, Ore.

The Ramona in Portland, Ore.

Located at 1550 N.W. 14th Ave., the community is minutes away from Interstate 450 and fewer than three miles from downtown Portland. A warehouse used to occupy the 40,000-square-foot site before construction of the affordable community in 2011. The asset features four studios, as well as four one-, 64 two- and 70 three-bedroom units. Amenities include a fitness center, playground, business center and 119 parking spaces.     

Strategic investment

“The acquisition of The Ramona continues our investment in Portland, coupled with our geographic expansion, as part of our five-year strategic initiative,” said BRIDGE Housing President & CEO Cynthia Parker, in a prepared statement.

The Ramona’s energy-efficient features have earned it LEED Gold certification. The property features solar panels and a solar thermal water-heating system. Additionally, a 31,000-square-foot eco-roof and a filter in the courtyard treat 100 percent of the stormwater on site. The Ramona has more than 14,400 square feet of neighborhood-serving community space. Tenants include Friendly House, a non-profit center and Portland Public Schools.

BRIDGE recently completed construction of The Abigail, a 155-unit, mixed-income property with 128 affordable apartments, directly across the street from The Ramona. Also nearing completing is the rehabilitation of Woodland Park, a 111-unit community serving senior and disabled households in Hillsboro, Ore. Additionally, the Portland Development Commission and the Portland Housing Bureau selected BRIDGE to develop RiverPlace Parcel 3, which will include 203 affordable and 177 market-rate units in Portland’s North Macadam Urban Renewal Area.

Image courtesy of Yardi Matrix