The Russell Apartments
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Constructed in 2017, The Russell Apartments is a mid-rise 6-story, 68-unit LEED Green certified building with 25 different floor plans masterfully laid out. The oversized floor plans feature 12-foot high ceilings on the first four floors, 18-foot high ceilings on the top two floors, floor-to-ceiling windows with regional and Mount Hood views from select units, patio decks, modern finishes, and full-size washers and dryers in each unit. Residents can enjoy two outdoor spaces, including an expansive roof terrace with gas barbecues and a firepit. Other amenities include a fitness center, club lounge, pet washroom, and leasing office. The ground floor features secured bike storage, a 43 spot parking garage, and a mural that greets residents as they pull in.
Located in the historic Irvington neighborhood in Northeast Portland, The property is the only market-rate apartment development completed in the last 20 years. Recent zoning and design changes in the city of Portland are limiting apartments in the Irvington neighborhood and will limit future competition. The property is surrounded by walkable, quiet, tree-lined streets and is less than 3 miles from downtown Portland, providing easy access to urban retail and business centers. The Russell represents an outstanding risk-adjusted investment opportunity to acquire a 2017 built multifamily community located in one of Portland’s most desirable neighborhoods, an area with Million dollar homes and six-figure average household incomes.
The city of Portland’s inclusionary zoning policy, requiring all multifamily developments over 20 units to include 20% low to moderate-income residences, has challenged the economic feasibility of all new construction projects and created a severe reduction in future new construction, seen in a lack of supply from 2021 through 2025.