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)
Rose City Flats Portland
Rose City Flats Studio Portland
Rose City Flats Studio Portland

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206.651.3956

Great Expectations