Legacy Partners Returns to Portland with Luxury Community
- Dec 04, 2015
Portland, Ore.—Multifamily developer Legacy Partners has opened its first Portland, Ore., development in years. The new six-story luxury community called The Union, situated on a 1.03-acre site at NE Multnomah St. and NE 3rd Ave. in northeast Portland, features 185 apartments and an array of luxury amenities.
Residents will be able to choose from a variety of floor plans: studios, open one-bedrooms and one- and two-bedroom homes with den options. Entrepreneurs and business owners can avail themselves of live-work apartments at The Union.
Apartments feature dramatic interior designs, vinyl wood-plank flooring, 9-foot ceilings in most locations, up-to-date carpeting, designer lighting, wood-grain cabinetry, stainless steel appliances and full-size, front-loading washer-dryers.
Kitchens and baths offer quartz stone countertops, while living areas have air conditioning. Distinctive bedroom barn doors are offered in some units.
“We were attracted to the site in northeast Portland because of its proximity to jobs, its excellent transportation linkages via Max light rail, and because of a severe lack of high-quality, newer multifamily product,” James Geimer, the owner’s representative and project manager, told MHN. “The Lloyd district had very little new apartment construction during the last 20 years. In short, it appeared to be a location that was ripe for new development.”
The pet-friendly community, which provides an indoor washing station for man‘s best friend, also delivers a number of top-of-the-line conveniences and comforts. Among them are a clubhouse with kitchen for entertaining, fitness center, enclosed courtyard with lounge seating and barbecue grills, available storage and street-level retail on site, including a Starbucks.
Making the numbers pencil is a challenge for most projects, and The Union development proved no exception, Geimer explained.
“But in working with Walsh Construction, we were able to lock in a majority of the subcontractor bids early, and qualify our construction risk,” he added.
“The positive trends in rent growth during the year prior to starting construction also helped mitigate project risks to our investor group.”
Geimer and colleagues sensed a growing demographic of renters in Portland don’t want to live downtown, or in the Pearl District. Instead, they prefer residing in the eclectic neighborhoods east of the river.
“The bike-friendly nature of Portland also allows many to pedal-commute to their jobs, throughout the city,” he said. “The challenges of the site included striking a deal with Starbucks to abandon their existing store and sign a new lease within The Union project. And, as Burgerville didn’t want to become part of our project, we had to design our building on a very tight, trapezoidal-shaped site. Finally, we were introduced to the site through a broker who introduced Legacy Partners to the location, and to the land sellers.”
Location is part of the appeal for residents. The Convention Center MAX station is across the street, while the Eastbank Esplanade is a three-block walk away. Also within walking distance are the Moda Center and Convention Center, and shopping at Lloyd Center Mall is also convenient. In addition, the location gives residents quick access to downtown.
Rents start at $1,251 a month, and residents can take advantage of flexible leasing periods of from three to 15 months.
“We are proud to offer this exciting community with all of the comfort and convenience of luxury living, in proximity to the newly thriving Lloyd District,” said senior managing director Kerry Nicholson. “And we thank all of those who worked hard to bring The Union to fruition.”