Rose City Flats
Rose City Flats is a new construction workforce housing project in the Rose City area of Portland, Oregon. Following a series of management mishaps, the property became insolvent in late 2023. Great Expectations implemented a turnaround and acquisition plan that involved an immediate take-over of management (pre-closing). The property was not income restricted, but will become so through loan covenants at stabilization.
Location
2351 NE 51st Ave, Portland, OR 97213
Scale, Unit Types, Affordability
- 91 homes, including studio, 1BR and 2BR
- 100% at 80% AMI
Notable Partnerships
None
Mixed-Use / Non-Housing
None
Total Development Cost
$15 M
Funding Sources
- Impact Equity sourced by Great Expectations
- Bridge financing from Global Credit Union
- Permanent loan from Freddie Mac (CBRE)
