Portland Affordable Community Opens Doors

The 203-unit project received almost $84 million in public and private financing.
The Vera

BRIDGE Housing has opened The Vera, a 203-unit affordable community in Portland, Ore. With Ankrom Moisan Architects providing architecture services and Hoffman Construction serving as general contractor, the $83.9 million development topped out last year.

The 13-story building rises on a 2-acre parcel at 2095 SW River Parkway in the RiverPlace neighborhood. The unit mix feature studio, one-, two-, and three-bedroom apartments averaging 639 square feet, according to Yardi Matrix data. Of the total, 90 units serve households earning 0 percent to 30 percent of the Median Family Income. Another 70 units come with Project-based Section 8 vouchers, while 10 are set aside for homeless veterans under the Veterans Affairs Supportive Housing program. The rest of the apartments cater to families earning up to 60 percent of MFI.

Designed to achieve LEED Gold certification, The Vera features LED lighting, increased insulation, Energy Star appliances and low-e double-paned windows. Amenities include a playground and landscaped courtyard, two laundry rooms, a community room with kitchen and a community classroom.

Project financing came from various public and private sources, including the Portland Housing Bureau, Oregon Housing and Community Services, Prosper Portland, Home Forward, U.S. Department of Housing and Urban Development, National Equity Fund, Inc., KeyBank Community Development Lending, Barings Multifamily Capital and Meyer Memorial Trust.

Located within walking distance of the city center, the community is across from Hyatt House hotel, close to the MAX light rail. The immediate area holds the new Tilikum Crossing and the Waterfront trail, as well as the Poet’s Beach.