Controversial apartment building sells for $41M


To some, Burnside 26 represents Portland’s gentrification problem.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

A swanky apartment building on E. Burnside sold for $41.5 million in a sale that closed Aug. 4.

To some, Burnside 26 represents Portland’s gentrification problem, in part because of an ill-advised marketing video.

Developed in 2014, Burnside 26’s 135 studio, one-bedroom and two-bedroom units at 2625 E. Burnside St. cost between $1,338 and $2,470 per month to rent, according to the building’s website. The apartments came under citywide scrutiny in May after a Burnside 26 marketing video – featuring actors playing fictional residents “Luke and Jess,” who manyonsocialmedia felt exhibited the qualities of stereotypical well-to-do transplants – circulated on the Internet.

The seller was a joint venture of Capstone Partners and Green Light Development, both of Portland, and Premium Property USA, a subsidiary of a Swiss company, according to Berkadia. Managing director Phil Oester and director Joe Nydahl of Berkadia’s Portland office closed the deal. The buyer was an undisclosed institutional investor.

(SOURCE: OregonLive.com)

Nydahl said in a news release: Portland has some of the best multifamily metrics in the nation. This property is strategically located in Portland’s inner eastside, a submarket that is experiencing incredible demand.”

Burnside 26 is currently 99 percent occupied. The 135-unit property, located at 2625 E. Burnside St., offers studio, one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens with stainless-steel appliances, custom cabinetry and woodwork, oversized windows with a shade system, and 9- to 11-foot ceilings.

Select units feature walk-in closets, patios, built-in storage and bike hooks. Community amenities include a rooftop lounge with a kitchen, barbeque area, outdoor fireplace and an herb garden. The lobby lounge hosts a computer station, resident kegerator and fireplace with seating.

(SOURCE: Portland Business Journal)

RELATED NEWS: Zillow: Racial divide in US housing ‘largely unchanged for more than a century’Portland City Council to determine $20M anti-gentrification proposalApartment boom 

 


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