[2022] Top Affordable Multifamily Developers in Portland, Oregon
Portland, Oregon, is home to over $1.6 billion in planned and ongoing affordable multifamily projects, per MultiFamilyData from BuildCentral. That figure is enough to put Portland in the company of significantly larger and more populated metropolitan areas like New York, Chicago, and Los Angeles.
Notably, all but one of the affordable multifamily housing projects in the works offer exclusively rental options. For context, WHEC Portland reports that rents in the the city are finally coming down after a summer spike.
Only time will tell whether or not that trend will continue, but it’s concurrent with Portland’s outstanding affordable multifamily housing pipeline. As such, we’re looking into the developers building the future of Portland’s affordable multifamily housing. We’re also spotlighting one project report from each developer to give you a taste of the data that MultiFamilyData has to offer.
Who are the top affordable multifamily housing developers in Portland, Oregon?
BRIDGE Housing Corporation (668 Units in Development)
Palindrome Communities, Inc. (298 Units in Development)
Home Forward (285 Units in Development)
BRIDGE Housing Corporation
Although the firm is based in San Francisco, California, BRIDGE Housing Corporation has the most affordable multifamily units in development in Portland. Its hollywoodHUB will replace Portland’s Hollywood Transit Center.
hollywoodHub
| Construction Type: | New | # of Units: | 50-100 |
| Project Type: | For Rent | ||
| Estimated Value: | $25-$100 million | ||
| Sector: | Private, Public | Product Type: | Market Rate, Affordable |
| Location: | Portland, OR 97213. NE of Hasley St and 42nd Ave |
| Details: | Plans call for the construction of either 60 to 100 additional housing units, or up to +/- 80,000 square feet of office space, or a mixture of these uses. |
| Stage: | Starts in 1-3 months |
| Construction Start: | Q4/2022 |
| Construction End: | Q4/2024 |
Palindrome Communities, Inc.
Palindrome is developing this affordable multifamily housing complex as part of Prosper Portland’s work in the Lents Town Center Urban Renewal Area.
Lents Town Center Apartment Complex
| Construction Type: | New | # of Units: | 173 |
| Project Type: | For Rent | ||
| Estimated Value: | $5-$25 million | # of Buildings: | 2 |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Portland, OR 97266. Southeast 92nd Street and Southeast Harold Street |
| Details: | Plans call for the construction of two new apartment buildings with a total of 173 units. The units will be a mix of affordable and market rate. |
| Stage: | Planning |
Home Forward
Headquartered in Portland, Home Forward’s newest affordable multifamily housing endeavor is the Portland Community College Metro Center Housing project.
PCC Metro Center Housing
Rendering of Home Forward’s affordable housing project that will come as part of the Portland Metropolitan Workforce Training Center redevelopment (Courtesy PCC).
| Construction Type: | New | # of Units: | 85 |
| Project Type: | For Rent | ||
| Estimated Value: | $9 million | ||
| Sector: | Public | Product Type: | Affordable |
| Location: | Portland, OR 97218. 4299 NE Killingsworth St |
| Details: | Plans call for the construction of an affordable housing complex with 85 units. There will be 18 studios, six one-bedroom units, 46 two-bedroom units and 15 three-bedroom units. |
| Stage: | Construction |
| Construction Start: | 5/2022 |
| Construction End: | Q3/2024 |
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