DOWNTOWN PORTLAND DEVELOPMENT OPPORTUNITY 0.12 ACRES • SW PORTLAND • 35 POTENTIAL APARTMENTS 2809 SW Water Avenue & 30 SW Meade Street Investment Real Estate OFFERING MEMORANDUM www. hfore.com • (503) 241.5541 SW WATER + MEADE STREET APARTMENT SITE 0.12 ACRE PARCEL • DOWNTOWN PORTLAND The Water Avenue offering is an exceptional opportunity to acquire a centrally located, high-density development site in downtown Portland – one of the strongest apartment markets in the nation. Just minutes from the city’s Central Business District, Portland State University and the trendy Pearl District, the Water Avenue property is also adjacent to the National University of Natural Medicine and is ideally situated for young professionals and students. The property boasts Walkscore.com rankings of 69 points for walking, 86 points for transit and 80 points for biking. Other nearby walkable destinations include: • The Portland Farmer’s Market at PSU • Keller Auditorium • The Portland Art Museum • Providence Park (home of the Portland Timbers) • The South Waterfront and OHSU’s Collaborative Life Architect’s Rendering Sciences Building The Water Avenue land is zoned for High- Density Residential use, which generally allows for a 4-to-1 PROPERTY HIGHLIGHTS FOR MORE INFORMATION floor area ratio and a 75-foot height limit. The sellers Price: $1,300,000 ($250 psf) Lee Fehrenbacher • [email protected] have preliminary plans for a 6-story, 35-unit apartment Site Size: 5,208 sf / 0.12 acres Greg Frick • [email protected] complex with ground-floor lobby, bike parking, and Zoning: RH – High Density communal area. The zoning’s tall height limit paired with 2424 SE 11th Avenue the property’s naturally elevated position above SW Height Limit: 65’ Portland, Oregon 97214 Kelley Avenue would provide future tenants unparalleled Parcels: R128817 & R128816 www.hfore.com views of the downtown cityscape, the Willamette River (503) 241.5541 and Mt. Hood. Fax: (503) 241.5548 Please do not disturb tenants. 2 HFO INVESTMENT REAL ESTATE Pearl District Lloyd District Downtown Portland Mt. St. Helens SW WATER + MEADE STREET APARTMENT SITECentral Eastside 0.06 ACRE PARCEL • DOWNTOWN PORTLAND South Water Front 405 5 Pacific Hwy W SW Naito Pkwy SW Water Ave SW Kelly Ave SW WATER + MEADE STREET APARTMENT SITE AERIAL VIEW TO THE NORTH Development Site 0.12 ACRES • SW WATER + MEADE STREET APARTMENT SITE • PORTLAND, OR 3 SW WATER + MEADE STREET APARTMENT SITE AERIAL VIEW TO THE NORTH FROM 6TH FLOOR Downtown Portland Pacific Hwy W SW Naito Pkwy SW Kelly Ave 4 HFO INVESTMENT REAL ESTATE SW WATER + MEADE STREET APARTMENT SITE AERIAL VIEW TO THE EAST FROM 6TH FLOOR Mt Hood Tillicum Crossing Ross Island Bridge Roberson Life Sciences Building SW Macadam Ave 0.12 ACRES • SW WATER + MEADE STREET APARTMENT SITE • PORTLAND, OR 5 SW WATER + MEADE STREET APARTMENT SITE AERIAL VIEW TO THE SOUTHEAST Willamette River South Waterfront Ross Island Bridge Center for Health and Healing Portland Aerial Tram 5 SW Hooker St SW Corbett Ave SW Kelly Ave Development Site 6 HFO INVESTMENT REAL ESTATE SW WATER + MEADE STREET APARTMENT SITE AERIAL VIEW TO THE WEST Headquarters National University of Natural Medicine Pacific Hwy W Development Site SW Kelly Ave 0.12 ACRES • SW WATER + MEADE STREET APARTMENT SITE • PORTLAND, OR 7 POTENTIAL APARTMENT RENDERINGS The sellers have created early plans for a 6-story, 35-unit apartment complex. Units range in size between approximately 350 and 450 square feet and would feature unparalleled views of Downtown Portland, the Willamette River and Mt. Hood. The ground floor includes lobby, mail room and bike parking areas. Additional plans available upon request. 8 HFO INVESTMENT REAL ESTATE DOWNTOWN - NORTH OF THE PROPERTY Bridgeport Brewing Good Samaritan Hospital Union Station Papa Haydn Steel Bridge NW Glisan St Oregon Williams-Sonoma Convention Center Restoration Hardware NW Everett St 84 Deschutes OLD TOWN Brewing CHINA TOWN W Burnside St Burnside Bridge Portland Saturday Market SW 23rd Ave SW 23rd SW Washington St Lincoln High School SW Broadway 5 405 SW Alder St GOOSE HOLLOW WILLAMETTE RIVER Pioneer Morrison Bridge Ave NE Grand Washington Courthouse Park SW Park Ave Square DOWNTOWN NE Martin King Jr Blvd Luther 26 SW Clay St Portland Art SW Madison St Museum NW Naito Pkwy SW Market St SW Jefferson St Tom McCall Waterfront Park 99E Hawthorne Bridge Portland State University 0.12 ACRES • SW WATER + MEADE STREET APARTMENT SITE • PORTLAND, OR 9 PORTLAND DOWNTOWN: MAJOR EMPLOYERS Portland International Airport Development Site 10 HFO INVESTMENT REAL ESTATE PORTLAND DOWNTOWN: LIFESTYLE AMENITIES Lloyd Center Columbia River Gorge Mt Hood Pioneer Place Keller Auditorium Development Site Portland Public Library Rose Garden Washington Park 0.12 ACRES • SW WATER + MEADE STREET APARTMENT SITE • PORTLAND, OR 11 PORTLAND MARKET SNAPSHOT 3.8% $68,125 3.84% 48.2% Unemployment rate Median household income Year-over-year rent growth* Portland residents age 25+ years (June 2019) (with a bachelor’s degree or higher) 21,345 4,474 4.95% 38.3% New Portland residents Portland residents Metro-area vacancy Metro area renter- (2016-2018) per square mile occupied housing rate *Multifamily NW Apartment Report (April 2018-2019) 12 HFO INVESTMENT REAL ESTATE PORTLAND/VANCOUVER MSA MARKET EMPLOYMENT Attracted by Portland’s educated workforce and UNEMPLOYMENT RATE relatively low cost of doing business, high-tech ANNUAL: PORTLAND/VANCOUVER METRO AND U.S. (December 2012 - December 2018) companies continue to relocate or open major branches. Companies with major operations 12% include: Amazon, Airbnb, Google, Squarespace, Mozilla, Simple (HQ), SurveyMonkey, SalesForce, CD Baby (HQ), eBay, and New Relic, Inc. 10% Portland’s homegrown tech companies include: 8% • Act-On • AWS Elemental 7.6% 7.9% • Brandlive 6.7% 6% 6.3% • Consumer Cellular 5% 5.6% 5.6% • Electro-Scientific Industries Percentage 5.0% • Expensify 4% 4.6% 4.7% • FLIR Systems 4.0% 4.1% 3.6% 3.8% 3.9% • Form Factor • Jama Software 2% • Janrain • Laika Entertainment • Lattice Semiconductor 0% • Pop*Art 2012 2013 2014 2015 2016 2017 2018 • Puppet Labs • Rentrak Portland U.S. • Simple Source: Multifamily NW Apartment Report • Tektronix In June, 2019, the Portland unemployment rate was 3.8% the same as one year earlier. • Thetus • Tripwire The metro area’s healthcare sector continues to expand, most notably on Portland’s South • Urban Airship Waterfront with significant additional clusters of specialty research and treatments in numerous • Vacasa new OHSU office towers. • Viewpoint 0.12 ACRES • SW WATER + MEADE STREET APARTMENT SITE • PORTLAND, OR 13 HEALTHCARE OREGON HEALTH AND SCIENCE UNIVERSITY The nationally-prominent Oregon Health and Science University (OHSU) is Oregon’s only public academic health center. As such, it leads the way in government-funded healthcare—and secures numerous grants for the advancement of health sciences. OHSU was founded in 1887, and currently has 2,796 faculty supporting 4,070 students and trainees. OHSU also offers joint programs with Portland State University, Oregon State University, and the Oregon Institute of Technology. OHSU has a $4.3 billion impact on Oregon’s economy, and supports nearly 34,000 jobs. Its annual operating budget is $2.8 billion. OHSU is nationally ranked by US News and World Report for 7 specialties and 7 children’s specialties. OHSU educates health professionals and scientists, and provides cutting-edge patient care, community service and biomedical Oregon engage in lifelong learning in OHSU’s In July of 2014, OHSU opened the Collaborative research. Its hospitals and clinics serve over continuing education programs, which occur Life Sciences Building (CLSB) and Skourtes a quarter of a million patients yearly with yearly and focus on dentistry, medicine, nursing Tower in the South Waterfront. Skourtes Tower innovative care and treatment models based and child development. is the new home for the OHSU School of on the most up-to-date knowledge available. Dentistry, while the CLSB is an integrated space Among OHSU’s specialties are pediatric care, meant for students and faculty from OHSU, PSU, OHSU’s four missions are healing, teaching, based at the renowned Doernbecher Children’s and Oregon State University. OHSU has spent discovery and community outreach/public Hospital. This hospital focuses on bone and millions of dollars over several years building service. Its university prepares students for joint care, cardiology, cancer and blood up its South Waterfront campus to include the biomedical and science education through its diseases, surgery and neurology—services Knight Cancer Institute and additional facilities Office of Science Education Opportunities, which that can be difficult to find in the pediatric field. offering support to patients’ families. collaborates with other OHSU departments and OHSU serves a large number of low-income community partners. Over 17,000 practicing children and families in the metro area—often healthcare professionals across the state of free of charge. 14 HFO INVESTMENT REAL ESTATE HIGHER EDUCATION RIGHT NEXT DOOR PORTLAND STATE UNIVERSITY Founded in 1946, PSU is an urban research In 2014 PSU celebrated the opening of In March 2017, Portland State, Portland university in the heart of downtown Portland. the 650,000-square-foot Collaborative Community College, and OHSU Its 50-acre campus contains 50+ buildings Life Sciences building on the South announced that they are working with and serves over 27,000 undergraduate and Waterfront. A joint effort between PSU, the city to build a $100 million, 200,000 graduate students. The school’s most popular Oregon Health and Science University square foot building on the corner of SW majors include Psychology, Health Studies, and Oregon State University, the $295 4th Avenue and Montgomery Street. The Biology, Art & Design, and Accounting. PSU has million facility is located just one mile new building will be home to PSU’s Graduate eight schools with a total of 226 programs.