In December 2010, the Rose Smart Growth Investment Fund, in a joint venture with the Rose Smart Growth Invetment Fund IA, acquired Collins Circle, a transit-oriented, mixed-income apartment building in Portland, Oregon. The property consists of 124 rental units, 52 of which are restricted to tenants earning up to 60% of area median income, as well as 7,200 s.f. of ground-floor commercial space fully occupied by national and local operators, including Starbucks, Subway, Bellagios Pizza, Allstate, and Go Foods market.
Built in 2000 by Gerding Edlen Development Company (a prominent West Coast green developer), Collins Circle is located in Portland's Goose Hollow neighborhood, adjacent to the light rail. Goose Hollow boasts institutional anchors, mass-transit connectivity, and walkable neighborhood amenities. The property is blocks away from PGE Stadium, home to Portland's new Major League Soccer team, and it enjoys easy access to downtown as well as a number of nearby educational institutions, including Portland State University, Oregon Health and Science University, and Lincoln High School. Collins Circle is also adjacent to 400-acre Washington Park, one of the city's oldest and most active parks.
Collins Circle is well-positioned to benefit from Portland's expanding reputation as a progressive city with attractive residential market fundamentals driven in part by an increasing population of young professionals and baby boomers.
The JV is in the process of improving leasing and marketing and will complete modest capital improvements in late 2011 to increase energy efficiency and market competitiveness. Portland has many grants, rebates, and financing programs for energy efficiency measures that the JV plans to leverage.
In December 2010, the Rose Smart Growth Investment Fund, in a joint venture with the Rose Smart Growth Invetment Fund IA, acquired Collins Circle, a transit-oriented, mixed-income apartment building in Portland, Oregon.