Union Hill Properties recently completed two property acquisitions in Portland, Oregon expanding its multifamily portfolio in the region and furthering its mission to invest in and develop sustainable housing in healthy, growing urban areas.
Jennifer Anne Apartments, a 21-unit apartment property located at 17316 East Burnside Street in Portland, Oregon was acquired on August 6th, 2021 for a purchase price of $3.3 million or $158,000 per unit. Built between 1969 and 1989, this 21,740 square foot property is conveniently located less than one block from a light rail station. With affordably priced rents and ample parking, it includes larger two bedroom units across six single-story and two-story buildings with private patios and balconies.
Additionally, Union Hill Properties purchased an acre of land in northeast Portland with a local development partner to develop and build multifamily housing. Located a short walk from a light rail station and neighborhood food & retail options, this transit-oriented urban location reflects the principles of Transit-Oriented Development which is key to building more sustainable, efficient, and equitable communities in the future. Increasing housing density at this location supports people, the community, and the environment with excellent accessibility and options for walking, bicycling, driving, and public transportation.
Portland has demonstrated resilience in the face of the global pandemic and its high quality economy, education, transportation, smart urban planning, affordability, climate, and quality of life continue to attract people and jobs. Furthermore the long-term fundamentals and growing supply/demand imbalances in the housing market indicate the strong need for more people and investment to help improve the city’s much needed housing infrastructure.
About Union Hill Properties
Union Hill Properties is a social impact real estate investment and development firm with a mission to improve sustainable housing communities and create value for all its stakeholders. Founded in 2014 and based in San Francisco, Union Hill Properties invests in and operates multifamily workforce housing communities in urban areas in the western United States. Its workforce housing portfolio consists of apartments and mobile home parks located in the Portland, Reno, Sacramento, and San Francisco metros. With a value investment philosophy and value-add operating strategy, Union Hill Properties effects positive social impact by investing in and managing assets in an environmentally, socially, and economically sustainable manner to better serve our people, communities, and planet.