Highland Crossing, a 332-unit community at 11806 N.E. 122nd Ave. in Vancouver, was the largest multifamily asset to be completed in the Portland metro area during the past 12 months, according to the industry publication Multi-Housing News.
Developer IDM secured a $30 million construction loan in 2017, which it refinanced one year later via a $50.6 million Fannie Mae loan with CBRE Capital Markets, the publication reported. The complex has one-, two- and three-bedroom units ranging from 569 to 1,310 square feet that can be rented at an average of $1,431 per month. Less than one year after it opened, Highland Crossing was 94 percent occupied.
Multi-Housing News rated the top 10 largest projects completed during the last four quarters in Seattle and Portland; only one is in the Portland area — Highland Crossing, which ranked eighth on the top-10 list.
Citing Yardi Matrix data, Multi-Housing News reported rent in Seattle averaged $1,831 in March, nearly $400 higher than the national average. In Portland, rents continued to trail the national average, reaching $1,386 in March. The large wave of new units being delivered in the two markets last year has impacted rent growth, with Seattle rents, according to The Seattle Times, growing at one of the slowest rates in the country.
