A partnership between local governments and one of the nation's biggest real estate developers used public financing to transform an underused lot into an apartment complex for low-income families and seniors in Portland, Oregon.
Related Northwest, a regional division of Related Cos., used feedback from the local community about housing access, gaps in local services and other challenges facing the Metzger neighborhood in Tigard to guide development of the 144-unit Terrace Glen Apartments on nearly 3 acres at 9660 SW Greenburg Road.
The input led Related and the Housing Authority of Washington County to plan an "intergenerational development" that has programs and services for both teens and seniors. The complex, located across the street from Washington Square Mall, also has such features as energy-efficient appliances, bike storage, a study lounge for teens and a large community courtyard with a kitchen, barbecue and playground.
The cooperation between local governments and the private sector to build a project providing housing access for seniors and families facing the risk of homelessness helped earn the project a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: Related Northwest developed the project with funding and other contributions from Metro, the regional government for greater Portland, and the Housing Authority of Washington County. The project funded with a combination of low-income housing tax credits, voter-approved regional housing bonds and Energy Trust of Oregon funds broke ground in November 2021 and opened last June.
What the judges said: "The location of this property is attractive, with its close proximity to schools, shopping, food and transit," Cresa Vice President Kelsey Machuca wrote. "Related Northwest developed it for low-income folks, which requires meeting tough requirements and coordinating the project just right. The result is a modern home that residents can be proud to live at."
Julia Freybote, associate professor of finance and real estate at Portland State University School of Business, said the transit-oriented development "showcases the power of public-private partnerships" to serve people who are particularly hard hit by the housing affordability crisis.
They made it happen: Stefanie Kondor, senior vice president of development for Related Northwest, led the development team. Kevin Grant, principal with C2K, was the architect, and Walsh Construction was the general contractor. The property manager is Michele Lovin, regional manager for Quantum Residential.
CoStar Market Manager Chris Sangiuliano contributed.