Author Archives: ipgocorp

Resource Real Estate Opportunity REIT Acquires 357-Unit Breckenridge Apartments in Portland

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PORTLAND, OR – Resource Real Estate Opportunity REIT II, a non-traded real estate investment trust sponsored by Resource Real Estate, announced the acquisition of the Breckenridge Apartment Homes in Portland, Oregon.

Breckenridge is a 357-unit garden style multifamily residential community built in 1985 and consisting of 270,240 net rentable square feet. The property offers amenities including a clubhouse, a business center, a fitness center, a swimming pool and Jacuzzi, and private balconies and patios for residents. Breckenridge, which has not been previously renovated, is expected to benefit from an extensive value-add strategy that includes new capital to improve the exterior of the property and to upgrade the common areas and individual units to a more modern look and feel.

Portland, Oregon is one of the healthiest and most diverse economies in the United States and has established itself as both a technology and export hub in the Northwest. Breckenridge is well located within the affluent West Hills submarket, a central location with convenient access to some of the most desirable employers in the area and within the highly ranked Beaverton School District. Breckenridge sits within five minutes of both Providence St. Vincent Medical center, which is the second largest employer in Portland, as well as the Sunset Corridor, which boasts over 4.5 million square feet square feet of office space that predominately houses high-tech companies. Breckenridge provides residents with simple access to Portland’s light rail system, major highways and its extensive bus system.

Kevin Finkel, President and COO of Opportunity REIT II, said, “We are very pleased to be able to do the buy of Breckenridge on behalf of Opportunity REIT II and its investors. Portland is among the best cities in the U.S. for attracting young, creative and educated people. Due to its talented labor pool, Portland has seen the breadth of its job opportunities grow as key employers have followed the labor talent in sectors like high-tech, healthcare and apparel. As a result of this population and employment growth, Portland’s apartment market has grown significantly as well, ranking third in the nation for effective rent growth in 2015. We expect that Breckenridge will benefit from the strong market conditions as well as our plotted extensive renovation program.”

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Representative Jordan Introduces Bill to Eliminate Means-Tested Housing Programs

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(RECAP: On May 26, Representative Jordan (R-OH), chairman of the conservative House Freedom Caucus, introduced the Welfare Reform and Upward Mobility Act, which would prohibit Congress from funding means-tested housing programs and in their place make a single state block grant for housing activities. The legislation would cap appropriations for the block grant from FY 2017 through FY 2022 at FY 2016 appropriations levels, and then cut an additional 10 percent annually from 2023 until 2028, culminating in a 50 percent reduction in funding from their total FY 2016 level. The bill would repeal and replace with the block grant the following federal housing programs: Section 8 tenant-based and project based rental help, public housing, the HOME Investment Partnerships program, McKinney-Vento Homeless Help Grants, the Section 202 Housing for the Elderly program, the Section 811 Housing for People with Disabilities program, the Native American Housing Block Grant program, the Section 101 Rent Supplement Program, the Section 236 Rental Help Payments program, the Rural Housing Insurance Fund, and all help programs provided by the Rural Housing Service.)

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Portion of New Post development sells for $3.264 million

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(RECAP: A part of the mixed-use New Post on the Rappahannock development in Spotsylvania County was bought by a Charleston-based developer new to the Fredericksburg region. Humanities Foundation bought 6.27-acres of the development under the name New Post Apartments LLC for $3.264 million in a deal that closed this week with site developer Tricord Cos. The Humanities Foundation plans a 102-unit apartment community which will break ground this fall. Drees Homes also owns a significant part of the development and broke ground recently on its 117-lot residential component, featuring town houses and single family homes. Tricord retains the rest of the property and has plans to build 92 single family homes, 26 of which will be on the Rappahannock River waterfront.)

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