Brokerage firm’s partners venturing into development
POSTED: Tuesday, August 6, 2013 at 01:31 PM PT
BY: Lee Fehrenbacher, DJC
Partners in HFO Investment Real Estate, which specializes exclusively in brokering multifamily properties, are making their first foray into development.
The partners are joining a group of private investor clients to develop a new, six-story, 63-unit apartment building at 30 S.E. 10th Ave. The Lower Burnside Lofts are expected to cost approximately $10 million.
HFO originally intended to occupy the existing single-story office building at the site. However, because the metro area’s apartment market has the nation’s lowest vacancy rate and strong rental rate growth, a higher and better use became attractive.
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The team hired Vallaster Corl Architects PC to design the project. Early concepts envision parking for 17 vehicles (with the possibility of more via a mechanized system if the budget allows), 1.5 bike parking spaces per unit, wooden storefronts and large, sliding glass doors. Approximately 2,700 square feet of retail space is planned for the ground floor. A cantilevered facade also is a possibility.
A design advice request meeting for the project is scheduled for mid-September.
DJC article
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