Greystar buys Portland waterfront apartments; Vancouver gets a massive industrial park.
Fore Property Company developed Waterline on Front Avenue in Portland and sold it to Greystar.
Completed last year, Waterline has 1,112 square feet of ground-floor retail space, which is fully leased, and 243 studio, one- and two-bedroom units averaging 796 square feet each.
The community is Fore’s first of four planned in Portland. In addition to Waterline, Fore has plans for a two-building, 270-apartment development next to Waterline, a 150-unit building near the Fremont Bridge and another in Johns Landing.
(READ MORE: Portland Business Journal)
Portland’s Specht Development and Guggenheim Partners purchased 19 acres of land across from the Port of Vancouver’s Centennial Industrial Park that will serve marine, rail and freeway infrastructure.
“The Portside property, once a settling pond for Boise Cascade, is an example of the seller successfully cleaning and filling this site over a period of several years,” said Gregory Specht, chief executive officer for Specht Development, in the release.
“We are greatly concerned by the lack of available land for larger industrial projects in both Oregon and southwest Washington. The region needs additional land for industrial and employment development opportunities than what currently exists.”
(READ MORE: Portland Business Journal)
