Milepost 5, Portland, OR

COMMUNITY

Milepost 5 (MP5), also known as Milepost 5 Artist Studios, is an existing 3-story building, consisting of 95 studio, single room occupancy (SRO), 1-bedroom, and 2-bedroom units and 13 artist work spaces located in Portland, Oregon  Gallery spaces, small theater, artist workshop, and café are other uses in this building. This parcel was originally part of a larger parcel that included Milepost 5 Lofts and a parking lot used by tenants of the Lofts and Studios. Milepost 5 Lofts building is now a condominium community. The parking lot parcel is owned by Community Development Partners (CDP) and is being considered for future new affordable housing development that would be a separate development from MP5.

The property is located within the Montavilla neighborhood, deemed to be one of the “top 10 U.S. neighborhoods to visit” by Lonely Planet.  It is in close-proximity to numerous open space areas such as Mt. Tabor Park and Montavilla Park; quick access to Interstate 205 and 84; easy bike ride to downtown; numerous well-known restaurants, eclectic retail shops, and service oriented establishments; and easy access to public transportation with a bus stop in front of the property.

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DEVELOPMENT

Originally built in 1928, this 3-story building went through two additions. The northeast building was added in 1931 and the south building was added in 1941. The building sat vacant for 10 years until the previous property owners bought the property and completed renovations in 2010. As part of their renovation, the units were changed from their senior facility use to artist housing and live/work studios.  The Seller operated the property as affordable to 60% AMI in order to be eligible for property tax abatement but there was no long term regulatory agreement in place currently that restricted the property.

MP5 is in high tenant demand with a waitlist and experiences minimal turnover.  Although the development was in fair condition at acquisition stage, due to historic management and operations, the building will benefit from a rehabilitation that include: new interior paint, new flooring at select units, window repair, brick repair and cleaning, and common area updates including kitchen and bathroom updates.  A 4% LIHTC with tax exempt bond transaction and historic tax credits will enable completion of this scope of work. Start of construction is anticipated in September of 2018 and completion in January 2019.

Data:
Number of Units: 95 residential units, 13 work-only units
Lot Size: 0.94 acres
Density: 101 units/acre
Unit Size: 120-450 ft2
Unit Mix: 45 SROs, 35 Studios, 13 1Bd/Ba, 2 2Bd/1Ba 
Parking Spaces: 0
Affordability: 60% AMI
Financing: 4% LIHTC and Tax Exempt Bonds

Sustainability:
Architect: MWA Architecture
Contractor: Bremik Construction
Property Management: Pinnacle Property Management
Non-Profit Partner: Integrated Housing

Total Cost: $9,700,000
Cost Per Unit:  $102,105

PARTNERS

CDP is proud to partner with these organizations, dedicated to bettering the lives not only of The Huntington’s residents, but of those lower-income residents in surrounding communities.

 

Integrity Housing