Portland Luxury Community Opens Doors

Mill Creek Residential has opened its 200-unit Modera Belmont, a luxury apartment community in Portland, Ore. The LEED Silver-certified development broke ground in May 2016, and the owner financed construction with a $36.1 million line of credit from Wells Fargo, according to Yardi Matrix.

Located at 685 S.E. Belmont St. in Portland’s Buckman neighborhood, the six-story asset is positioned in a widely accessible part of Southeast Portland. A number of bus stops and the city’s streetcar system operate less than a block away, and Interstate 5 is a quarter mile west of the community. The structure sits at the edge of a vibrant retail district, home to a wide variety of shopping and dining options.

Booming neighborhood

The SERA Architects-designed property offers residents a mix of studio, one- and two-bedroom apartments, varying from 452 to 1,235 square feet. The building includes 11,362 square feet of street retail. Shared amenities include:

• 24-hour fitness center
• barbecue area
• gaming room
• business center
• rooftop lounge
• coffee bar

“The revitalized Buckman neighborhood is attracting strong renter demand, as residents clamor to be close to the city while still enjoying a true neighborhood vibe,” said Sam Rodriguez, senior managing director of Mill Creek Residential, in a prepared statement. “Modera Belmont not only has an exceptional location right across the Willamette River from downtown but it also possesses the prime amenities and top-of-the-line finishes craved by those who desire to live in this booming, eclectic neighborhood.”

Image courtesy of Mill Creek Residential