Burnside apartment community
PORTLAND, Ore., June 22, 2022 (GLOBE NEWSWIRE) — Cityview, a vertically-integrated multifamily investment management and development firm, has acquired Burnside 26, a four-story podium-style apartment community in Southeast Portland that features 135 homes with 1,300 square feet of available restaurant space.
Burnside 26 is located in a highly desirable, amenitized and walkable submarket 1.5 miles east of downtown and across the river with bustling entertainment and nightlife, including 64 restaurants and bars within a four-block radius. One of only seven institutional properties in the nearby residential upscale submarkets, the property maintains an impressive walk score of 97 and bike score of 99 with front door access to one of Portland’s hottest neighborhoods.
“This is an exciting project for Cityview because it allows us to continue our mission of providing and maintaining workforce housing in cities with strong demand drivers, robust employment and population growth, and a diverse employer base,” said Sean Burton, CEO of Cityview. “With home prices in this area exceeding $600,000, Burnside 26 offers renters high-quality, affordable living focused on sustainability, health and wellness, and high-touch customer service in the heart of one of Portland’s most thriving submarkets.”
Adjacent to the region’s largest employers including Intel, Nike and Providence Health, and with major industries including semiconductors, electronic components, construction and software development, Portland ranks third in the US for net inbound resident moves with some of the nation’s fastest job growth.
Some of the exciting improvements Cityview plans to bring to the property are sustainable common area upgrades like creating a new bike storage area, monitoring utility usage and waste, and installing EV charging stations and energy efficient LED tube and new sensor installation in the parking garage. Cityview also plans to install rooftop solar panels to sustainably power common areas and repurpose an underutilized space as a fitness center for residents to enjoy.
“This project offers renters the best of both worlds, easy access to the city’s robust job centers and livability in the unique eastside neighborhood, which is home to many of the city’s best local bars, eateries, and nightlife,” said Devang Shah, Managing Director and Cityview, who was responsible for spearheading this off-market acquisition for Cityview. “We believe that Portland’s quick economic rebound following COVID coupled with the drop off in projected supply is going to make well-built and well-located real estate in this area continue to gain value in the coming years.”
Founded in 2003, Cityview is a vertically integrated real estate investment management and development firm focused on workforce and attainable housing in high-growth markets in the Western US. Specializing in developing, acquiring, and operating value-add multifamily and mixed-use projects, Cityview creates sustainable housing options in transforming areas, changing cities into communities, people into neighbors and houses into homes. Cityview investments have generated nearly $5 billion in urban investment across more than 120 projects to date. For more information, visit cityview.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37f52e31-e41b-4290-b7e7-e8d07e034061