Portland, Oregon is a city that is attractive to apartment renters and apartment investors alike. We have a unique culture that makes it the perfect incubator for food carts, creative Saturday Market stands, one of the nation’s best restaurant scenes, and captivating entertainment. We have beautiful green spaces and parks dotting our urban landscape. Adventure, whether it is set by mountains, ocean beaches, rivers, trees or desert, is only a short car ride away. We love our bikes, we love our dogs, we love living. These are just some of the reasons why Portland is such a coveted destination for young root-setters who tend to skew toward apartment living.
Investing in apartments is equally rewarding, but not without some challenges. With a tenant profile that is changing by the day, striking the right notes with marketing, identifying the most desired amenities, and being in command of supply and demand can be quite a challenge. Local ordinances are also changing at break-neck speed and it would be very easy for a property owner who may not be paying attention for the shortest while to miss a pertinent rule change. There are thousands of vendors and service providers and knowing the best sources for quality and cost-effective work can make a substantial impact on your return on investment. Portland also has its own brand of weather, soil, and foliage which, along with all of the other factors, sets Portland apart from all other cities when it comes to multifamily investing.
Managing such an investment in Portland requires one to:
- Treat each neighborhood like its own little city. One cannot hold an apartment community in Irvington to the same expectations as a community in The Pearl District. Different ads and promotions work differently with each sets of residents. Rents are different. Landscaping needs are different. Special projects will vary.
- Find an edge with each property. In Portland, nothing is cookie cutter. Find a way to make your apartment community distinguishable from the herd.
- Stick to the fundamentals. In Portland, people know quality, they know value, and they recognize hard work. If one does things the right way, residents will reward those efforts in kind.
- Turn to professionals. At Milestone, we understand Portland. No two neighborhoods are the same, no two properties are the same and no two owners are the same. We will align our goals with the owner’s. We will serve the residents who are the ideal fits for a given property. We know that successful outcomes happen when we tailor our strategies to the owner, the residents and the property.