Development expected to change Lloyd District completed

Hassalo on Eighth will be feted with a ribbon-cutting ceremony on Wednesday.

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Hassalo on Eighth will be feted with a ribbon-cutting ceremony on Wednesday.

Renting a unit in the new complex will cost between $1,110 (studio) to $4,100 (3-bedroom).

With a total of 657 units, Hassalo on Eighth is tipping the balance in the formerly retail and office heavy Lloyd District. As the Portland Mercury noted in a story last week, the district was home to just 1,142 residents as of the 2010 U.S. Census. Along with Hassalo on Eighth, additional residential projects, including four more buildings by AAT at the Oregon Square and the Union Apartments on Northeast Multnomah Street, are adding thousands of new units to the district.

Among some of the standout features of the Hassalo on Eighth development include a bike parking facility that, at 1,000 spaces, is among the largest in North America, according to marketing materials for the development.

(SOURCE: Portland Business Journal)

In Lake Oswego, more California firms are buying up property. An 82-unit apartment complex was purchased for $15.5 million.

The Mark at Lake Oswego sits on just over six acres at 15000 Davis Lane in the Mountain Park neighborhood. The nine-building property was renovated in 2012 and is currently 95 percent leased. Its studio, one- and two-bedroom units average 903 square feet.

The sale is just the latest in a long line of apartment deals, many that have been made by large real estate investment firms based in California. Sales in the metro region are on a record pace this year and are expected to top $2.1 billion by the end of the fourth quarter.

(SOURCE: Portland Business Journal)

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