PORTLAND, OR – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., has announced leasing and go ins are underway at Modera Akoya, a luxury mixed-use community located on the southwestern edge of the eclectic Pearl District.
The community, which offers 295 contemporary apartment homes, a deluxe suite of amenities and approximately 20,000 square feet of ground-floor retail, boast a prime location amidst Portland’s key hot spots. The site features a near-perfect Walk Score of 99, a Transit Score of 97 and a Bike Score of 95.
“Since its revitalization in the 1990s, the Pearl District has steadily morphed into one of the most sought-after living destinations in the city,” said Sam Rodriguez, senior managing director of development in Portland for Mill Creek. “We’re excited to expand our Portland presence with Modera Akoya, which will place virtually everything at the fingertips of our residents, whether they choose to walk, bike or drive.”
Modera Akoya, built to a LEED Gold standard, is the area’s first fully smart-home-equipped community. The technology package includes keyless entry, programmable Honeywell Thermostats, Wi-Fi calling throughout the community and smart lighting controls. All of these technology features can be engaged by residents through an app or by an Alexa-enabled device via voice. The community is also offering virtual and self-guided touring and online lease options to allow for a contact-free leasing and go-in experience if desired.
Located at 1430 Northwest Hoyt Street, residents have walkable access to a variety of attractions within the eclectic Pearl District, including indie boutiques, cutting-edge restaurants, breweries and artisan coffee shops. The community sits one block from the acclaimed McMenamins Mission Theater. Residents also are within a quick commute of Downtown Portland, which is less than two miles south of the community and easily accessible from nearby Interstate 405. The Portland Streetcar, located three blocks east of the community, provides additional transit options.
Modera Akoya offers studio, one- and two-bedroom homes with a variety of stylish open floor plans. Community amenities are highlighted by a 12th-floor sky deck that features magnificent views of the city skyline, West Hills and Willamette River. Additional common-area attractions include a fire table with multiple seating areas, lobby with plush seating, yoga studio, coffee bar and a clubroom with pool table and TV lounge. Residents at the pet-friendly community also have access to Amazon package lockers and nine electric-vehicle charging stations.
Apartment interiors are equipped with wood plank-style flooring, energy-efficient stainless steel appliances, quartz marbled countertops and full backsplashes, full-size washers and dryers, roller shades and individually controlled air conditioning. Select homes feature balconies or terraces, kitchen pantries and walk-in closets.
Modera Akoya marks Mill Creek’s ninth development community in Portland, joining Modera Belmont, Modera Buckman and Modera Pearl, which are also currently leasing.

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HAMILTON, NJ – Total construction starts dipped 18% in September to a seasonally adjusted annual rate of $667.7 billion, essentially taking back August s gain. While some of this decline is certainly payback from several large projects entering start in August, the drop in activity brought total construction starts below levels seen in June and July. Nonresidential starts fell 24%, while residential building dropped 21% over the month. Nonbuilding starts were 5% lower than August.
Year-to-date through nine months, total construction starts were down 14% from the same period in 2019. Nonresidential starts were lower by 26% and nonbuilding was down 18%, while residential starts gained 1%. For the 12 months ending September 2020, total construction starts were down 8% from the 12 months ending September 2019. Nonresidential building starts were 19% lower and nonbuilding starts were 11% lower, while residential building starts rose 4% over the 12 months ending September 2020. In September, the Dodge Index fell 18% to 141 (2000=100) from the 173 reading in August. September s Dodge Index was down 23% compared to a year earlier and 21% lower than its pre-pandemic level in February.
That construction starts took a significant step back in September is disappointing, but also not surprising, stated Richard Branch, Chief Economist for Dodge Data & Analytics. The economic recovery has lost momentum and is showing strain since support provided to consumers and businesses from expanded unemployment insurance benefits and the Paycheck Protection Program have expired. The worsening budget crisis for state and local areas has also slowed growth in public project starts, particularly in the face of a somewhat uncertain outlook for federal infrastructure spending programs. The road to recovery will continue to be uneven and fraught with potholes until a vaccine is developed and widely adopted across the U.S.
Nonbuilding construction fell 5% in September to a seasonally adjusted annual rate of $176.3 billion. Highway and bridge starts rose for the third consecutive month, jumping 10%, while utility/gas plant starts went up 21%. But, environmental public works and miscellaneous nonbuilding starts each lost 26% over the month.
The largest nonbuilding project to break ground in September was the $1.6 billion Guernsey Power Station in Pleasant City OH. Also getting underway was the $727 million 1,122 MW Seminole Electric natural gas fired power plant in Palatka FL and the $330 million Liquids Expansion and Solids Treatment Plant in Chino CA.
Through the first nine months of the year, total nonbuilding starts were down 18%. Starts in the highway and bridge category were up 2%, while environmental public works fell 10%, miscellaneous nonbuilding was down 33%, and the utility/gas plant category was 43% lower. On a 12-month rolling sum basis, total nonbuilding starts were down 11% compared to the 12 months ending September 2019. Starts in the street and bridge category were down 1%, while utility/gas plant starts were down 21%. Environmental public works starts dropped 6% in the 12 months ending September 2020 and starts in the miscellaneous nonbuilding category were 22% lower.
Nonresidential building starts were down sharply over the month of September, falling 24% to $177.4 billion. There was small excellent news in the detail: institutional starts fell 8%, manufacturing starts were 48% lower, and commercial starts dropped 36%. Only two building types posted a gain in September – retail and public buildings.
The two largest nonresidential building projects to break ground in September were the $330 million second phase of the Iceberg Towers in Burbank CA and the $330 million East Market Mixed-Use complex in Philadelphia PA. These projects were followed by the $296 million first phase of the Moffitt Cancer Center Hospital in Tampa FL.
Year-to-date through nine months, total nonresidential building starts were down 26%. Commercial starts declined 27%, while institutional starts were 18% lower. Manufacturing starts dropped a painful 56% compared to the first nine months of 2019. For the 12 months ending September 2020 total nonresidential building starts slid 19%. Institutional building starts were 16% lower, commercial starts down 19% and manufacturing starts plummeted 30% in the 12 months ending September 2020.
Residential building starts lost 21% in September, falling to a seasonally adjusted annual rate of $314.0 billion. Single family starts dropped 6% in the month as multifamily starts tumbled 54%.
The two largest multifamily structures to break ground in September were the $130 million AJ Railyards Mixed Use building in Sacramento CA and the $130 million Sage Valley Apartments in West Valley City UT. The $125 million Avenir Mixed Use building in Jersey City was the next largest project to break ground.
Through the first nine months of 2020, residential construction starts were 1% higher than in the same period of 2019. Single family starts were up 6%, but multifamily starts were down 12%. For the 12 months ending in September, total residential starts were 4% higher compared to the 12 months ending September 2019. Single family starts were up 7%, while multifamily starts were down 5%.

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NEWPORT NEWS, VA – DF Ventures, a business unit of Drucker + Falk, has announced the sale of a 710-unit, three property portfolio to The Kushner Companies for $113.0 million. The portfolio consists of Chesapeake Bay Apartments located in Newport News, VA, Hanover Crossing in Mechanicsville, VA, and Wilde Lake Apartments located in Henrico, VA.
J Guy Buck, CFO of Drucker + Falk, said, This was a fantastic opportunity to leverage DF Multifamily s management and renovation expertise. We are very proud to have delivered extraordinary returns to our investors. DF Ventures, along with a partner, bought the properties in May of 2016 for $68.5 million and implemented a $10.5 million renovation plot across the three properties which, combined with stellar property management, resulted in an average return on investment exceeding 30% annually.
DF Ventures is very pleased with the success of our value-add business plot for this portfolio. Renovating each community s clubhouse and upgrading amenities has resulted in higher leasing traffic, and renovating unit interiors, curing deferred maintenance, and enhancing exteriors has vastly improved curb appeal, said DF Ventures Director, Eric Skow.
Exterior renovations included: replacing vinyl siding at Hanover Crossing Apartments in Richmond metro area s Hanover County with hardiplank; painting exteriors at Chesapeake Bay and Wilde Lake; asphalt renovations, replacing or repairing patios, and window replacement at Wilde Lake; and repairing balconies and stairwells, adding dog parks, swimming pool and pool deck resurfacing, and upgrading pool furniture at the properties. Apartment home renovations included kitchen and bath upgrades including cabinets, countertops, new brushed nickel hardware throughout, modern lighting package, vinyl plank flooring, replacing polybutylene piping at two of the properties and new appliances. Residents, prospects, local residents, and businesses were ecstatic with the transformation of the communities, new color choices, new 24-hour fitness centers, and clubhouses.
DF Ventures extends their appreciation to Charles Wentworth, Hank Hankins, Will Matthews, and the Colliers Multifamily Investment Sales team for their marketing of the portfolio and help concluding a very successful sales transaction.

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